Japanese Candlesticks Analysis 21.04.2021 (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 Engulfing, close to the resistance level, and reversing, XAUUSD may start a new growth towards. In this case, the upside target may be the resistance area at 1800.00. At the same time, an opposite scenario implies that the price may correct to reach 1770.00 before resuming its ascending tendency.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, the pair is correcting after completing the ascending wave. By now, NZDUSD has formed several reversal patterns, such as Doji, close to the resistance level. The next downside target may be at 0.7127. Later, the price may test the support area, rebound from it, and resume moving upwards. However, an alternative scenario implies that the price may grow towards 0.7240 without testing the support area.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is still correcting within the ascending tendency. By now, GBPUSD has formed several reversal patterns, such as Engulfing, not far from the resistance area. At the moment, the pair may reverse and continue the pullback. In this case, the upside target after the correction may be at 1.4050. After that, the instrument may break the resistance area and continue the ascending tendency. Still, there might be an alternative scenario, according to which the asset may continue falling towards 1.3900 before resuming the ascending tendency.

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.