Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
In the H4 chart, after growing and reaching 50.0% fibo, XAUUSD is correcting downwards. Convergence on MACD indicates that the correction may be over soon. In this case, the next upside targets may be 61.8% and 76.0% fibo at 1908.00 and 1969.50 respectively. The key support is the low at 1638.76.
As we can see in the H1 chart, the pair is forming the first rising wave after convergence on MACD, which has almost tested 23.6% fibo at 1789.00 and may later continue towards 38.2%, 50.0%, 61.8%, and 76.0% fibo at 1805.80, 1819.42, 1833.00, and 1849.30 respectively. The key upside target is the current high at 1877.09, while the support is at 1761.79.
Free Reports:
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
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.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after updating its previous high, the asset started a new descending correction, which has almost reached 76.0% fibo and may later continue towards the high at 0.9374. A breakout of the high will result in a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.9474 and 0.9541 respectively. The key support remains at 0.9085.
In the H1 chart, convergence on MACD made the pair stop falling and start a rather volatile rising impulse, which has reached 50.0% fibo. At the moment, the price is moving sideways. The local support is at 0.9157. The current situation doesn’t exclude a possibility of a further decline towards the above-mentioned support but the main scenario implies another growth to reach 61.8% and 76.0% fibo at 0.9291 and 0.9322 respectively.
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.
- Target Thursdays: NAS100, Robusta Coffee, USDCHF Apr 25, 2024
- QCOM wants to create competition in the AI chip market. Hong Kong index hits five-month high Apr 25, 2024
- Japanese yen hits all-time low as BoJ meeting commences Apr 25, 2024
- TSLA shares rose on a weak report. Inflationary pressures are easing in Australia Apr 24, 2024
- USDJPY: On intervention watch Apr 24, 2024
- Euro gains against the dollar amid mixed economic signals Apr 24, 2024
- PMI data is the focus of investors’ attention today. Turkey, Iraq, Qatar, and UAE signed a transportation agreement Apr 23, 2024
- Australian dollar rises on strong economic indicators Apr 23, 2024
- Geopolitical risks in the Middle East are declining. China kept interest rates at lows Apr 22, 2024
- Brent crude dips to four-week low amid easing geopolitical tensions Apr 22, 2024