Japanese Candlesticks Analysis 19.02.2020 (GOLD, NZDUSD, GBPUSD)

19.02.2020

XAUUSD, “Gold vs US Dollar”

Gold keeps developing ascending dynamics. On H4, XAUUSD first formed several reversal candlestick patterns at the lower border of the channel, including a Hammer, and executed the signal. At the moment, the price is moving in the middle of the ascending channel. The target level for further growth after a correction will be 1600.00. However, the price may also return to the support level at 1584.00.

GOLD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

NZDUSD, “New Zealand Dollar vs US Dollar”

On H4, the pair keeps forming a descending channel. At the support level, a number of reversal candlesticks have been formed, including a Hammer. At the moment we may suppose that the execution of the signals of the reversal patterns will entail a correction. After a pullback, the decline may continue; the price might break out the support level and test 0.6350. A deeper correction to 0.6440 might also happen.

NZDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

On H4, the pair is trading near the support level. Several reversal patterns, including a Harami, have been formed. With the execution of the patterns, the price may grow to 1.3055. However, the situation may also develop in a breakout of the support level, a test of 1.2979 and further decline.

GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

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.