Article By RoboForex.com
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is being corrected upwards; the pair has almost reached the retracement of 23.6% at 1.3482, but then started consolidating. The next targets of this rising correction may be the retracements of 38.2% and 50.0% at 1.3653 and 1.3791 respectively. The support level is the current low at 1.3204.
In the H1 chart, the divergence made the pair reverse and start a new correction, which is heading towards the retracement of 50.0% at 1.3338. The next target may be the retracement of 61.8% at 1.3307.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after being corrected to the downside by 38.2%, EURJPY has started a new ascending impulse, which is getting closer to the local high at 130.27. After breaking it, the instrument may continue growing to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 131.08 and 131.57 respectively. However, the price may yet rebound from the high and continue the correction downwards. In this case, the target may be the retracement of 50.0% at 127.45.
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly 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.
The H1 chart shows more detailed structure of the current movement.
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.
