Japanese Candlesticks Analysis 23.10.2019 (GOLD, NZDUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. XAUUSD has formed another Hammer reversal pattern close to the support level. At the moment, the pair is starting to reverse. If the price continues growing, it may return to 1516.00 to continue forming the ascending tendency. At the same time, we shouldn’t exclude an opposite scenario, which implies that the instrument may resume falling to reach 1477.77.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the ascending tendency continues. NZDUSD has formed Hanging Man pattern near the resistance level. Right now, the pair is reversing and may start a slight correction, which may later be followed by further decline towards 0.6363. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may return to 0.6434 and update the high.