Article By RoboForex.com
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the daily chart, after testing 76.0% fibo, GBPUSD has finally broken it and may later continue growing to reach the long-term high at 1.4376. The support here is at 61.8% fibo at 1.3244. At the same time, a divergence on MACD may hint at a new pullback soon.
In the H1 chart, after finishing the previous correctional wave at 38.2% fibo (1.3541), GBPUSD is forming a new rising structure, which has already broken the previous high and may soon enter the post-correctional extension area between 138.2% and 161.8% fibo at 1.3790 and 1.3980 respectively.
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 continues testing the high at 127.07 and trying to break it. If the price breaks the high and fixes above it, the asset may grow to 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, the current trading range is getting narrower after the price has re-tested the high. The key resistance is the high at 127.49. The previous decline reached 50.0% fibo, so the next one may be heading towards 61.8% fibo at 124.62. Still, this scenario may no longer be valid if the asset breaks the high.
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.
- RoboForex Receives Best Introducing Broker Programme Award Nov 18, 2024
- The hawkish attitude of FOMC representatives puts pressure on stock indices. Oil is growing amid escalation in Eastern Europe Nov 18, 2024
- AUD/USD Stabilises Amid RBA’s Hawkish Outlook Nov 18, 2024
- COT Metals Charts: Speculator Changes led lower by Gold & Platinum Nov 17, 2024
- COT Bonds Charts: Large Speculator bets led by 2-Year & Ultra Treasury Bonds Nov 17, 2024
- COT Soft Commodities Charts: Large Speculator bets led by Corn & Soybean Oil Nov 16, 2024
- COT Stock Market Charts: Speculator Bets led by MSCI EAFE & VIX Nov 16, 2024
- The Dollar Index strengthened on Powell’s comments. The Bank of Mexico cut the rate to 10.25% Nov 15, 2024
- EURUSD Faces Decline as Fed Signals Firm Stance Nov 15, 2024
- Gold Falls for the Fifth Consecutive Trading Session Nov 14, 2024
