Japanese Candlesticks Analysis 16.09.2019 (GOLD, NZDUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the ascending tendency continues. XAUUSD has formed another reversal pattern, Hammer, close to the channel’s downside border. Right now, the pair is trying to reverse. If the pair rebounds, it may move towards 1525.00. At the same time, we shouldn’t exclude a possibility that the instrument may continue falling to reach 1470.00 test the ascending channel’s downside border.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, after rebounding from the horizontal resistance level, NZDUSD has formed Inverted Hammer reversal patterns. At the moment, the price is trying to reverse. After that, the pair may return to the resistance level at 0.6438. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may continue the pullback towards 0.6338 and below.
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.