Japanese Candlesticks Analysis 13.04.2021 (GOLD, NZDUSD, GBPUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After forming several reversal patterns, such as Shooting Star, close to the resistance level, XAUUSD may reverse and start a new pullback towards the support area. In this case, the correctional target may be at 1710.50. At the same time, an opposite scenario implies that the price may continue growing to reach 1745.00 without testing the support level.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, the pair is still moving sideways. By now, NZDUSD has formed several reversal patterns, such as Engulfing, close to the resistance level. The next downside target may be at 0.6950. Later, the price may test the support area, break it, and continue moving downwards. However, an alternative scenario implies that the price may grow towards 0.7070 before resuming its decline.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is forming another correction within the descending tendency. By now, GBPUSD has formed several reversal patterns, such as Hammer, not far from the support area. At the moment, the pair may reverse and resume growing. In this case, the upside target may be at 1.3795. After that, the instrument may rebound from the resistance area and resume the descending tendency. Still, there might be an alternative scenario, according to which the asset may continue falling towards 1.3650 without testing the resistance area.

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.