17 May

Fibonacci Retracements Analysis 17.05.2021 (GOLD, USDCHF)

May 17, 2021

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the stable uptrend continues as the pair is heading towards 50.0% fibo at 1875.75. After breaking this level, XAUUSD may continue growing to reach 61.8% fibo at 1922.50. However, despite the fact that the current uptrend is quite stable, there is a divergence on MACD, which may hint at a possible pullback. The key support remains the low at 1676.78.

GOLD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, after breaking the low and then finishing the descending correction, XAUUSD is forming another rising impulse towards the post-correctional extension area between 138.2% and 161.8% fibo at 1858.90 and 1867.80 respectively. The local support is at 1808.81.

GOLD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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.





Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter




USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, a convergence made USDCHF reverse after reaching 76.0% fibo and start a new correctional uptrend, which is approaching 23.6% fibo at 0.9101, However, the next descending impulse may be heading towards the low at 0.8986. If the price breaks the low, the instrument may continue falling to reach the fractal low at 0.8871. On the other hand, if the pair rebounds, it may start another rising wave towards 38.2%, 50.0%, and 61.8% fibo at 0.9172, 0.9229, and 0.9286 respectively.

USDCHF_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows that the current decline is slowing down and may soon be followed by a further uptrend.

USDCHF_H1

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.


investmacro products link




Financial News Forex and Currency News