Japanese Candlesticks Analysis 03.09.2019 (GOLD, NZDUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. There was a gap at the beginning of the week; after completing another reversal pattern, Shooting Star, XAUUSD is still trading near the channel’s upside border. Right now, the pair is trading sideways. The downside target may be at 1495.00. At the same time, we shouldn’t exclude a possibility that the instrument may break the closest high, reach 1565.00 and continue forming the ascending channel.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the descending channel continues. NZDUSD has formed Hammer reversal pattern close to the support level. Right now, the pair is reversing. At the moment, it may be assumed that after completing another correction, the price may fall to update its closest lows. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may rebound from the support level and grow towards 0.6311.