Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
In the H4 chart, a divergence on MACD made the pair return to 23.6% fibo but after updating the low the pair started a new pullback. After finishing the short-term correction, the instrument may start another descending impulse to reach the previous low at 1764.36, a breakout of which will lead to further long-term downtrend towards 38.2% at 1725.37. However, one shouldn’t exclude a possibility that the pullback may transform into a new wave to the upside to reach 76.0% fibo at 2000.00.
As we can see in the H1 chart, the correctional uptrend has reached 23.6% fibo and may later continue towards 38.2% and 50.0% fibo at 1862.00 and 1880.55 respectively. A breakout of the local low at 1801.79 will result in further downtrend to reach the key low at 1764.36.
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USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after a convergence on MACD, USDCHF has tested the upside border of the post-correctional extension area between 138.2% and 161.8% fibo at 0.8886 and 0.8816 respectively. this growth should be considered as the continuation of the mid-term pullback. The key correctional target is the resistance at 0.8999.
The H1 chart shows a more detailed structure of the correctional trend. The asset has reached 50.0% fibo and, after breaking it, may continue moving towards 61.8% and 76.0% fibo at 0.8965 and 0.9012 respectively. A breakout of the support at 0.8757 will complete this correction and resume the downtrend.
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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