Japanese Candlesticks Analysis 29.05.2019 (GOLD, NZDUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the ascending tendency continues. The pair tested the channel’s downside border again and formed Inverted Hammer pattern. Right now, it is trading upwards and may continue growing to reach 1297.00 unless fundamental background interferes. At the same time, we shouldn’t exclude an opposite scenario, which implies that the price may break the support level and continue moving downwards with the target at 1275.18.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, NZDUSD has been trading downwards for quite a long time. By now, it has formed Shooting Star reversal pattern close to the resistance level of the descending channel at 0.6550 and then several more reversal patterns. If we assume that the price may rebound, just like it did before, the pair may reverse and resume falling towards its closest target at 0.6485. If this level is broken, the instrument may continue trading downwards to reach 0.6450.
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.