Japanese Candlesticks Analysis 20.11.2020 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after plunging within the ascending tendency, the asset is trying to regain its position. After forming several reversal patterns, such as Long-Legged Doji, close to the support area, XAUUSD is expected to reverse and start another rising impulse. In this case, the upside target will be the resistance area at 1930.00. At the same time, an opposite scenario implies that the price may start another decline to reach the support area at 1840.00 before resuming its ascending tendency.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the instrument continues moving not far from the channel’s upside border; right now, it is expected to update its high and may later continue the ascending tendency. in this case, the upside target will be at 0.7000. Still, there is an alternative scenario, according to which the pair may form a new pullback to reach the support area at 0.6820 before starting a new growth.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. By now, after forming several reversal patterns, such as Shooting Star, not far from the resistance area and reversing, GBPUSD is expected to move upwards to break 1.3370 and then continue growing. However, there is another scenario that says that the pair may return to 1.3125 before breaking the rising channel’s upside border and updating the highs.