Japanese Candlesticks Analysis 16.01.2020 (GOLD, NZDUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the correction within the ascending tendency continues. By now, XAUUSD has completed several Doji patterns. At the moment, the pair is reversing and may later reach 1525.00. After that, the price may continue growing towards 1600.00. However, one shouldn’t ignore another scenario, according to which the instrument may continue the ascending tendency towards 1525.00 without any corrections.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, the descending tendency continues. After forming Harami pattern near the resistance level, NZDUSD is reversing. The closest downside target may be at 0.6577. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may grow to return to 0.6670.
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.