Japanese Candlesticks Analysis 03.06.2019 (GOLD, NZDUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. The pair broke the channel’s upside border and formed Shooting Star pattern. Right now, it is trading downwards and may fall to reach 1300.00 unless fundamental background interferes. After that, the decline may continue towards the channel’s downside border at 1276.50. At the same time, we shouldn’t exclude an opposite scenario, which implies that the price may update the closest highs and continue moving upwards with the target at 1325.00.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, NZDUSD has been trading downwards for quite a long time. It broken the resistance line of the descending channel and formed Shooting Star reversal pattern at 0.6555. If we assume that the price may rebound, just like it did before, the pair may reverse and resume falling towards its closest target at 0.6500. If this level is broken, the instrument may continue trading downwards to reach 0.6456. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may move upwards without any corrections.