Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is still correcting below 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. However, an opposite scenario, which is equally possible, implies that the price may start a new decline to break the low at 1848.67 and then reach the long-term 38.2% and 50.0% fibo at 1836.50 and 1763.40 respectively.
In the H1 chart, after the divergence, the descending wave tried to test 61.8% fibo at 1880.90. After that, the instrument reached the high at 1933.18 but failed to break it. Judging by the current descending wave, the asset is expected to continue falling towards 76.0% fibo at 1868.90.
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USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the descending wave has stopped not far from the low at 0.8999, and right now the asset is testing 76.0% fibo at 0.9070. Also, there is a convergence on MACD, which may indicate a reversal of the local tendency and a new mid-term rising wave towards the high at 0.9296 and then 38.2% fibo at 0.9472. At the same time, one shouldn’t forget about a possible breakout of the low at 0.8999. If it happens, USDCHF may continue falling to 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 local convergence on MACD made the pair start a new rising impulse, which has already reached 23.6% fibo. In the future, the asset may continue growing towards 38.2%, 50.0%, 61.8%, and 76.0% fibo at 0.9132, 0.9163, 0.9194, and 0.9232 respectively, as well as the high at 0.9296, to confirm further long-term uptrend.
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.
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