Japanese Candlesticks Analysis 17.11.2017 (GOLD, NZD/USD)
XAU USD, “Gold vs US Dollar”
At the H4 chart, the instrument is forming a new ascending channel and has already reached the support level and formed Engulfing and Hammer patterns there. Taking into account that the price rebounded from the channel’s borders earlier, we may assume that the current reversal patterns will be confirmed and the instrument will continue moving upwards. The closest target is the channel’s upside border.
NZD USD, “New Zealand vs. US Dollar”
As we can see at the H4 chart, the NZD/USD is still falling inside the descending channel and forming reversal patterns to define its borders. Right now, the price is testing the support level and forming several Hammer and Doji patterns. Taking into account some previous reversal patterns that weren’t confirmed, we may assume that the current patterns won’t be confirmed as well and the instrument will continue falling.
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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.