Japanese Candlesticks Analysis 06.06.2019 (GOLD, NZDUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. The pair has broken the channel’s upside border and formed Shooting Star pattern. Right now, it is trading downwards and may fall to reach 1310.00 unless fundamental background interferes. 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 1346.00.

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 has formed Shooting Star reversal pattern at 0.6666; right now, it is forming another correctional wave and resting the resistance line of the descending channel. 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 0.6565. If this level is broken, the instrument may continue trading downwards. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may move upwards without any corrections and update its closest highs.