Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, a local divergence on MACD made XAUUSD complete the ascending wave at 38.2% fibo and start a new pullback to the downside. After the pullback is over, the rising dynamics may resume towards 50.0%, 61.8%, and 76.0% fibo at 1818.15, 1851.32, and 1891.40 respectively. The scenario that implies a further downtrend towards the low at 1676.78 is very unlikely.
In the H1 chart, a convergence on MACD made the pair stop the correctional downtrend at 50.0% fibo and start a new growth. There is a possibility of another descending impulse towards 61.8% fibo at 1752.00 but the key scenario implies a further uptrend to reach the current high at 1797.87.
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
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, a convergence on MACD made the pair stop at 61.8% fibo and start a new ascending wave towards the high at 0.9473. Another scenario suggests one more decline to reach 76.0% fibo at 0.9015 but it is very unlikely.
The H1 chart shows potential short-term upside targets after a convergence on MACD – 23.6%, 38.2%, and 50.0% fibo at 0.9173, 0.9230, and 0.9277 respectively. The local support is the low at 0.9080.
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.
- 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
- Profit-taking is observed on stock indices. The data on wages in Australia haven’t met expectations Nov 13, 2024
- USD/JPY at a Three-Month Peak: No One Opposes the US Dollar Nov 13, 2024
- Can Chinese Tech earnings offer relief for Chinese stock indexes? Nov 13, 2024
- Bitcoin hits an all-time high above $88,000. Oil remains under pressure Nov 12, 2024
- Brent Crude Stumbles as Market Sentiments Turn Cautious Nov 12, 2024
