XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the ascending tendency continues. The pair tested the channel’s downside border, formed Harami, and then completed a pullback. By now, it has also formed Shooting Star pattern. Considering this candlestick pattern is in the middle of the channel, we may assume that it may result in a slight correction. Later, after finishing the correction, XAUUSD may resume its rising tendency to reach 1296.60. However, we shouldn’t exclude another scenario, according to which the instrument may resume moving downwards with the target at 1277.00.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, NZDUSD has been trading downwards for quite a long time. By now, it has formed Harami reversal pattern close to the resistance level at 0.6525. 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 0.6464. Considering resistance levels are broken rather seldom, another possible scenario suggests that the instrument may trade to reach 0.6570.
