Japanese Candlesticks Analysis 28.07.2020 (GOLD, NZDUSD, GBPUSD)

July 28, 2020

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the uptrend continues. After finishing an Engulfing pattern not far from the resistance level, XAUUSD may reverse and form a slight correction. Later, the price is expected to resume trading upwards. In this case, the upside target may be at 1990.00. At the same time, an alternative scenario implies that the pair may correct towards 1920.00 after updating the highs.

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

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After forming a Hanging Man pattern close to the resistance level, NZDUSD has started reversing. At the moment, the price is expected to correct towards the support area at 0.6620. Later, the market may rebound from the area and resume growing to reach 0.6730. Still, there is another scenario, which suggests that the instrument may correct towards 0.6520.

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”


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As we can see in the H4 chart, the pair is still forming the ascending channel. After forming a Shooting Star pattern close to the resistance level, GBPUSD has started reversing. At the moment, the price is expected to correct and fall towards 1.2788. However, there might be another scenario, according to which the price may continue trading upwards without reversing and correcting.

GBPUSD

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.