Japanese Candlesticks Analysis 20.10.2017 (GBP/USD, GOLD)
GBP USD, “Great Britain Pound vs US Dollar”
At the H4 chart, after being corrected to the upside, the GBP/USD pair continues falling and forming Engulfing, Doji, Hammer, and Shooting Star reversal patterns to define the borders of the channel. At the moment, another correction is taking place, which may reach the resistance level at 1.3145. The downside target is the support level at 1.3046.
XAU USD, “Gold vs US Dollar”
At the H4 chart, the instrument formed the ascending channel with Engulfing and Shooting Star patterns to define its borders. Later, the price tested the resistance level at 1305.00 and started falling. After that, the pair was corrected again and formed Engulfing pattern. The downside target is still the support level at 1268.43.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.