Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is forming a stable wave to the downside after a divergence on MACD, which has already reached 61.8% fibo and may later continue towards 76.0% fibo and the low at 1736.33 and 1676.78 respectively. At the same time, a breakout of the resistance at 1916.52 may lead to a further rising movement towards the mid-term targets, which are 61.8% and 76.0% fibo at 1922.95 and 1979.00 respectively.
The H1 chart shows a correctional ascending wave after a convergence on MACD approaching 23.6% fibo at 1794.50, a breakout of which may lead to a further uptrend towards 38.2% and 50.0% fibo at 1815.32 and 1832.37 respectively. The support is the low at 1760.83. If the price breaks this level, the asset will complete the correction and resume trading downwards.
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USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF is steadily growing after a convergence on MACD and has already broken 50.0% fibo in anticipation of a short-term correction. After this correction is over, the asset may start a new rising impulse towards 61.8% and 76.0% fibo at 0.9264 and 0.9342 respectively. The key support is the low at 0.8926.
The H1 chart shows a more detailed structure of the pullback after a divergence on MACD towards 23.6%, 38.2%, and 50.0% fibo at 0.9165, 0.9119, 0.9083 respectively. The local resistance is the high at 0.9239, a breakout of which will lead to a further movement towards 61.8% fibo at 0.9264.
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.
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