Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
On H4, gold dropped to 50.0% (1763.40) Fibo after a lengthy test of 38.2%. Further development of the downtrend to 61.8% (1690.00) can be regarded as the main scenario, but a convergence forming on the MACD might signal a correction or a reversal. If the price bounces off 50.0%, and a medium-term correctional wave of growth develops, its goals will be 23.6% (1836.50), 38.2% (1882.17), 50.0% (1919.00), and 61.8% (1955.80).
On H1, there is also a convergence forming on the indicator, which can be another signal for a correction. Yet on this chart we can see a potential for a correction of the preceding declining wave. The aims of the possible pullback will be 23.6% (1811.80), 38.2% (1841.30), 50.0% (1864.60) Fibo.
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USDCHF, “US Dollar vs Swiss Franc”
On H4, the pair formed a correctional wave of decline after a swift impulse of growth. If the quotations manage to overcome the low of 0.8982, they might drop then to the post-correctional extension range of 138.2-161.8% (0.8886-0.8816) Fibo. Regardless of the outer stability of the downtrend, after a test of the area around the low, a bounce and a new impulse of growth might follow. The nearest goal of the growth might be 76.0% (0.9220) relative to the previous medium-term declining wave, while the main goal is the fractal low of 0.9296.
On H1, we can note correctional growth or even a reversal – this is indicated by a convergence forming on the MACD. The nearest goals of the growth might be 23.6% (0.9060), 38.2% (0.9085), and 50.0% (0.9105). The support is at the local low of 0.9019.
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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