Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is still correcting to the upside after the convergence and has almost reached 38.2% fibo. The next upside targets may be 50.0%, 61.8%, and 76.0% fibo at 1962.00, 1988.40, 2020.30 respectively. If the price completes the pullback there, the asset may start a new decline to reach the low at 1848.67 and then the long-term 38.2% fibo at 1836.50.
In the H1 chart, after the divergence, the descending wave has tested the area close to 61.8% fibo at 1881.00. Judging by the current wave, the asset is not expected to continue falling towards 76.0% fibo at 1869.07. According to the main scenario, the instrument may grow to break the high at 1933.18.
Free Reports:
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after finishing a short-term pullback, USDCHF is forming a new descending wave towards 76.0% fibo at 0.9070. This descending wave may easily break the low at 0.8999 and then reach the post-correctional extension area between 138.2% and 161.8% fibo at 0.8885 and 0.8816 respectively.
In the H1 chart, a divergence on MACD made the pair complete the pullback at 50.0% fibo and start a new movement towards the mid-term 76.0% fibo at 0.9070.
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
- COT Metals Charts: Speculator bets led by Gold & Steel May 4, 2024
- COT Bonds Charts: Speculator bets led lower by SOFR 3M & 10-Year Bonds May 4, 2024
- COT Soft Commodities Charts: Speculator bets led by Wheat, Soybean Meal & Corn May 4, 2024
- COT Stock Market Charts: Speculator bets led lower by S&P500 & MSCI EAFE May 4, 2024
- The British index has updated the historical maximum. Oil lost 5% over the week May 3, 2024
- US Fed tilts towards a rate cut despite the postponement. HKMA left the rate unchanged at 5.75% May 2, 2024
- Brent crude oil hits seven-week low May 2, 2024
- Target Thursdays: USDJPY, Copper & EURCAD May 2, 2024
- WTI oil declines on rising inventories and negotiations between Israel and Hamas. Rising unemployment in New Zealand may force RBNZ to start cutting rates earlier May 1, 2024
- Bitcoin stumbles below $60k ahead of Fed May 1, 2024