Article By RoboForex.com
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after failing to test the long-term 38.2% fibo at 1.3166, the asset is forming a new pullback to the upside. However, it doesn’t mean that the descending tendency is over. Convergence on MACD is another signal in favour of the ascending correction. A breakout of the local low at 1.3194 will lead to a further downtrend towards the long-term target. The key resistance is at 1.3834.
The H1 chart shows a more detailed structure of the current growth towards 23.6% fibo at 1.3345. After a slight pullback, the correctional uptrend may continue to reach 38.2% and 50.0% fibo at 1.3438 and 1.3514 respectively.
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EURJPY, “Euro vs. Japanese Yen”
The daily chart shows that after falling and reaching 50.0% fibo, EURJPY is correcting upwards. After the pullback is over, the asset may continue falling towards 61.8% fibo at 126.40. Later, the market may start a new uptrend to reach the high at 134.12.
As we can see in the H4 chart, after testing and breaking the mid-term 50.0% fibo, EURJPY is correcting upwards; right now, it is approaching 23.6% fibo at 128.90 and may later continue towards 38.2% and 50.0% fibo at 129.78 and 130.48 respectively. The support is the low at 127.49.
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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