Japanese Candlesticks Analysis 22.09.2020 (GOLD, NZDUSD, GBPUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the pair is still correcting withing the rising tendency. After finishing several reversal patterns, such as Hammer, not far from the support area, XAUUSD is expected to reverse and form a slight pullback, which may be followed by further decline with the target at 1870.00. At the same time, an opposite scenario implies that the price may return to 1980.00.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, after leaving the rising channel, NZDUSD is trading close to the horizontal support level and has already formed several reversal patterns, including Inverted Hammer. Possibly, the pair may rebound from the support area and correct for a while before further decline. In this case, the downside target will be the support level at 0.6600. Still, an alternative scenario says that the instrument may grow to return to 0.6765.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the pair is still correcting within the downtrend; by now, it has formed several reversal patterns, such as Harami. Considering that the Pound is losing positions quickly, it is expected to reverse and form a slight correction, which may be followed by further decline. In this case, the downside target will be at 1.2655. However, there might be another scenario, according to which the price may start a new pullback towards 1.3075.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.