Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the correctional downtrend has failed to break the low at 1848,67 and reach the mid-term 38.2% fibo at 1836.50. Such a failure may indicate that XAUUSD is intending to reverse the current tendency in favor of a new uptrend. If this proves to be true, the next rising impulse may reach 38.2% at 1934.85. The next upside targets may be 50.0%, 61.8%, and 76.0% fibo at 1962.00, 1988.40, 2020.30 respectively, as well as the all-time high at 2074.75.
The H1 chart shows the start of a new growth after convergence on MACD. By now, the asset has tested 38.2% fibo twice, thus implying a possibility of further growth. The next upside targets may be 50.0%, 61.8%, and 76.0% fibo at 1896.54, 1905.17, and 1915.61 respectively, as well as the high at 1933.18. The support is the low at 1859.90.
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USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after the descending wave stopped between the low at 0.8999 and 76.0% fibo, and was followed by a convergence on MACD, which made USDCHF reverse. A new rising wave has broken 50.0% fibo and may continue towards 61.8% and 76.0% fibo at 0.9194 and 0.9232 respectively, as well as the high at 0.9296. The support is the low at 0.9030.
In the H1 chart, there is a divergence on MACD, which may indicate a possible pullback. The targets of this pullback may be 23.6%, 38.2%, and 50.0% fibo at 0.9151, 0.9128, and 0.9109 respectively. A breakout of the high at 0.9188 will be a signal in favor of further growth.
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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