Article By RoboForex.com
GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, the technical situation hasn’t changed much as GBPUSD is still testing the mid-term 23.6% fibo. In addition to that, the pair has failed to reach both the local and key (1.4241) highs, which means that the asset is about to start another wave to the downside. the closest target may be 38.2% fibo at 1.3643, while the next ones – 50.0% and 61.8% fibo at 1.3457 and 1.3237 respectively.
The H1 chart shows that after correcting to the upside and reaching 61.8% fibo at 1.4022, the asset couldn’t test or break it. Also, there was a local divergence on MACD, which made the pair start a new decline. By now, this descending wave has tested 50.0% fibo twice, while the next one may reach 61.8% and 76.0% fibo at 1.3799 and 1.3751 respectively. A breakout of the low at 1.3669 may lead to a further mid-term downtrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3540 and 1.3459 respectively.
Free Reports:
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
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.
EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, a previous divergence couldn’t force the asset to fall, so the pair, after breaking the high at 130.98, is heading to reach the long-term 76.0% fibo at 131.95. However, this is another divergence on MACD, so the instrument should be ready for a new correction towards the local support at 61.8% fibo (128.67).
The H1 chart shows a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 131.57 and 132.13 respectively.
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.
- European indices grow on the ECB’s “dovish” position. Quarterly reports of mega-companies support the broad market Apr 29, 2024
- Japanese yen shows volatility amid speculation of intervention Apr 29, 2024
- COT Bonds Charts: Speculator Weekly Changes led by 5-Year & 10-Year Bonds Apr 28, 2024
- COT Stock Market Charts: Speculator Bets led by VIX & Russell-Mini Apr 28, 2024
- COT Soft Commodities Charts: Speculator Bets led by Corn & Soybean Meal Apr 28, 2024
- Today, investors’ focus is on the PCE Price Index inflation report Apr 26, 2024
- Gold price recovers amid uncertain US economic outlook Apr 26, 2024
- This “Bullish Buzz” Reaches Highest Level in 53 Years Apr 26, 2024
- FastSpring and EBANX Forge Partnership to Expand Pix Payments for Digital Products in Brazil Apr 25, 2024
- Target Thursdays: NAS100, Robusta Coffee, USDCHF Apr 25, 2024