Article By RoboForex.com
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after testing 76.0% fibo for a long time, GBPUSD has failed to reach he post-correctional extension area between 138.2% and 161.8% fibo at 1.3790 and 1.3980 respectively. Another reason for a new decline, which is now testing the lows, was a divergence on MACD. The predicted correctional targets are 23.6%, 38.2%, 50.0%, and 61.8% fibo at 1.3528, 1.3365, 1.3233, and 1.3100 respectively.
In the H1 chart, after finishing the previous ascending wave, GBPUSD is correcting downwards and has already reached 23.6% fibo. Later, the market may start a slight growth, which may be followed by a further decline towards 38.2% and 50.0% fibo at 1.3541 and 1.3474 respectively. The resistance is the high at 1.3759.
Free Reports:
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.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, EURJPY completed the correctional decline; right now, it is moving upwards. At the same time, after testing the previous high at 127.07, the pair has finished another pullback. If the price resumes its ascending tendency, it may reach and break the mid-term 61.8% fibo at 128.65 and then continue moving to reach the post-correctional extension area between 138.2% and 161.8% fibo at 129.16 and 130.43 respectively.
As we can see In the H1 chart, after attempting to reach the high at 127.49, the pair is moving downwards. The previous decline has reached 50.0% fibo, so the next one may be heading towards 61.8% and 76.0% fibo at 124.62 and 123.96 respectively. A breakout of the resistance at 127.49 will result in a further uptrend towards the mid-term 61.8% fibo at 128.68.
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.
- Brent crude oil experiences modest uptick amid mixed market signals May 7, 2024
- FXTM’s Wheat: Touches fresh 2024 high! May 7, 2024
- The RBA kept all monetary policy settings. Oil rises amid the breakdown of negotiations between Israel and Hamas May 7, 2024
- Investors expect a hawkish stance from the RBA. Natural gas prices returned to growth May 6, 2024
- Trade Of The Week: Ripple ready to create waves? May 6, 2024
- 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