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GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, there was a convergence on MACD, so after breaking the low, GBPUSD started a new correctional uptrend, which has already reached the retracement of 23.6%. In the future, the correction may continue towards the retracements of 38.2% and 50.0% at 1.2773 and 1.2868 respectively. If the price breaks the low at 1.2476, the instrument may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2420 and 1.2270 respectively.
In the H1 chart, the pair is trading upwards to reach the retracement of 38.2% at 1.2773. At the same time, there is a divergence on MACD, which means that the price may start a new pullback after reaching the target.
EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, EURJPY is still consolidating. The resistance is the retracement of 23.6% at 129.30. If the price breaks the above-mentioned level, the pair may grow to reach the high at 130.15. The support is the retracement of 76.0% at 127.47. After breaking it, the instrument may start falling towards the key low at 126.63.
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As we can see in the H1 chart, the divergence made the pair started a new correction to the upside, which has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2%, 50.0%, and 61.8% at 128.26, 128.54, and 128.64 respectively. The support is the low at 127.64.
Article By RoboForex.com
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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.