Japanese Candlesticks Analysis 02.07.2019 (GOLD, NZDUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the ascending tendency continues. After forming Hammer pattern near the channel’s downside border, XAUUSD is trying to reverse. In case the pair continues growing, it may eliminate yesterday’s gap and move towards the channel’ upside border at 1422.22. At the same time, we shouldn’t exclude an opposite scenario, which implies that the price may update its closest low at 1381.69.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, after testing the horizontal resistance line, NZDUSD formed Shooting Star pattern at 0.6725. Right now, the price is trying to reverse. If it succeeds, the pair may fall towards the support line 0.6575. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may update the high and grow to reach 0.6800.
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.