Japanese Candlesticks Analysis 17.04.2020 (GOLD, NZDUSD, GBPUSD)

17.04.2020

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after testing another resistance level and forming several reversal patterns, such as Long-Legged Doji, Gold is reversing. The downside target is the support level at 1663.06. Later, the pair may rebound from the support level and resume the rising tendency. In this case, the upside target may be at 1750.00.

GOLD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the price is no longer moving inside the rising channel. After testing the support level and finishing a Harami reversal pattern, NZDUSD is reversing. Possibly, the pair complete the correction and resume trading upwards to reach the target at 0.6092. Still, one shouldn’t exclude another scenario, which says that the instrument may fall and return to 0.5935.

NZDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the pair continues growing within the rising channel. By now, GBPUSD has formed several reversal patterns, such as Harami, close to the support level. At the moment, the pair is reversing and may later resume growing with the target at 1.2623. However, there is another scenario, which implies that the instrument may fall and test 1.2377.

GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.

The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.