Article By RoboForex.com
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD has broken the short-term low and right now is still being corrected downwards. The targets of this decline may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3102 and 1.3040 respectively. The resistance level is at 1.3480.
In the H1 chart, the pair is falling towards the post-correctional extension area between. At the same time, the convergence is being formed, which indicates a possible pullback after the price reaches its targets.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY has already been corrected by 61.8% and may continue trading towards the retracement of 76.0% at 126.00, the short-term upside targets are at 128.15 and 129.00.
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.
In the H1 chart, the convergence made the pair reverse and start a new correction to the upside, which has already reached the retracement of 23.6%. In the future, this growth may continue towards the retracements of 38.2%, 50.0%, and 61.8% at 128.97, 128.50, and 128.93 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.
