Fibonacci Retracements Analysis 07.04.2021 (GBPUSD, EURJPY)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

On H4, the correctional wave of growth first returned to 23.6% and now we may expect another wave of decline to 38.2% (1.3643) Fibo. The aim of further decline after a breakaway of 38.2% will be 50.0% (1.3457). A breakaway of the high of 1.4241 might let the quotations rise to the long-term fractal peak of 1.4376.

On H1, we can see a correctional wave rise to 38.2% though it failed to reach 50.0% (1.3955) Fibo. After a local divergence the trend reversed. By now, the quotations have reached 38.2% and might head for 50.0% (1.3794), 61.8% (1.3765), and 76.0% (1.3729). After a breakaway of the low of 1.3670 the quotations might head for the post-correctional extension range of 138.2-161.8% (1.3575-1.3517). A breakaway of the local resistance level of 1.3918 might let the quotations attack the medium-tetm resistance level of 1.4001.

EURJPY, “Euro vs. Japanese Yen”

On H4, there is a wave of growth approaching the high of 130.66, threatening to break it away. The breakaway of the high might let the quotations rise to the long-term level of 76.0% (131.95) Fibo. However, as previously, the quotations might bounce off the high which, in turn, will let another wave of decline form. A new wave of decline might head for 38.2% (127.20), 50.0% (126.14), and 61.8% (125.08).

On H1, the uptrend has overcome 76.0% Fibo of the previous declining wave and is now attacking the high. Later the quotations might aim at the post-correctional extension area of 138.2-161.8% (131.57-132.13). The medium-tetm level of 76.0% is also in this area. A divergence on the MACD might mean a possible reversal and a decline to the local low of 128.29.

Article By RoboForex.com

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