Japanese Candlesticks Analysis 11.06.2019 (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 testing the support level. If the pair breaks it, the instrument may fall to reach the next target at 1313.13. At the same time, we shouldn’t exclude an opposite scenario, which implies that the price may rebound and resume moving upwards with the target at 1347.00.

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 testing the resistance line of the descending channel. Possibly, the price may reverse and resume falling towards its closest target at 0.6500 to continue forming the descending channel. 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.