Japanese Candlesticks Analysis 07.10.2019 (GOLD, NZDUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the ascending tendency continues. After breaking the support level, XAUUSD has formed Hammer reversal pattern. Right now, the pair is reversing to test the rising channel’s downside border. If the pair continues growing, it may return to 1531.00 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 1459.00.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, the descending tendency continues. After breaking the resistance level, NZDUSD has formed Hanging Man pattern. Right now, the pair is reversing and may return into the channel at 0.6210. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may continue growing towards 0.6380.
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.