Japanese Candlesticks Analysis 29.05.2020 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after testing the support level and forming several reversal patterns, including Hammer, XAUUSD is reversing. If later the price rebounds from the level, the pair may get back inside the rising channel and continue the uptrend. In this case, the upside target may be at 1750.00.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, after forming several reversal patterns, including Shooting Star, not far from the resistance level, the pair is still moving close to the rising channel’s upside border. Possibly, after reversing, NZDUSD may correct towards 0.6145. After this pullback, the instrument may resume moving upwards. In this case, the upside target may be at 0.6255.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD has formed several reversal patterns, such as Harami, while testing the resistance level. At the moment, the pair is starting to reverse. The upside target is at 1.2421. However, there is another scenario, which implies that the instrument may fall to return to 1.2240.
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