Japanese Candlesticks Analysis 13.01.2020 (GOLD, NZDUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After breaking the rising channel’s upside border and forming Shooting Star pattern; XAUUSD has reversed to reach 1544.46, where it may complete the correction. The next upside target may be at 1600.00.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the pair is correcting within the ascending tendency. After forming Hammer pattern near the support level, NZDUSD is reversing. The closest upside target may be the closest resistance level at 0.6700. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may fall to return to 0.6600.