Article By RoboForex.com
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after finishing a short-term correctional growth, GBPUSD is falling again and may soon break the low at 1.3786. After that, the instrument may continue falling towards 38.2% and 50.0% fibo at 1.3648 and 1.3463 respectively. An alternative scenario implies that the asset may rebound from the low and start a new rising wave to reach the high at 1.4250 and then 1.4376.
The H1 chart shows a more detailed structure of the descending wave after a divergence on MACD. Earlier, the asset reached 38.2% fibo but if it rebounds from the low, the price may resume growing towards 50.0%and 61.8% fibo at 1.4018 and 1.4073 respectively.
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EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, after finishing a quick correctional wave to the upside, which failed to transform into a proper rising wave, EURJPY is forming a new descending structure towards 38.2% and 50.0% fibo at 129.35 and 127.88 respectively. At the same time, a breakout of the high at 134.12 will result in a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 135.67 and 136.64 respectively.
As we can see in the H1 chart, the asset is about to complete the correctional uptrend at 61.8% fibo to start a new decline towards the local low at 130.04, a breakout of which will lead to a further mid-term downtrend. On the other hand, if the pair rebounds from the low, the instrument may resume growing towards 76.0% fibo at 133.14. However, the key upside target is the high at 134.12.
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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