Japanese Candlesticks Analysis 12.11.2020 (GOLD, NZDUSD, GBPUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the instrument is quickly falling within the ascending tendency. After forming several reversal patterns, such as Harami, close to the support area, XAUUSD is expected to reverse and rebound from the channel’s downside border due to a strong rising tendency. In this case, the upside target will be the resistance area at 1945.00. At the same time, an opposite scenario implies that the price may start another decline to reach the support area at 1840.00 before resuming its ascending tendency.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the instrument continues growing. After forming several reversal patterns, such as Hanging Man, not far from the resistance area, NZDUSD may reverse and form a slight correction towards 0.6805. After finishing this pullback, the pair may resume trading upwards to reach the resistance area at 0.6935.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the instrument is still correcting within ascending tendency. By now, GBPUSD has formed several reversal patterns, such as Shooting Star not far from the resistance area. At the moment, the pair is correcting and may reach 1.3125. Later, the market may rebound from this level and resume trading upwards. In this case, the upside target will be at 1.3370.

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.