Japanese Candlesticks Analysis 21.01.2020 (GOLD, NZDUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the sideways movement within the ascending tendency continues. By now, XAUUSD has completed several Doji patterns. At the moment, the pair is reversing and may later reach 1540.00. After that, the price may continue growing towards 1600.00. However, one shouldn’t ignore another scenario, according to which the instrument may continue the ascending tendency towards 1540.00 without any corrections.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the pair continues forming near the support level, where it has formed several reversal patterns, including Hammer. At the moment, NZDUSD is expected to reverse. The closest upside target may be at 0.6655. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may fall to reach 0.6575.