Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD reached the mid-term retracement of 76.0% and then there was a divergence on MACD, which means a trend reverse or, at least, a pullback. The first target of this pullback may be the retracement of 23.6% at 1295.50; the next ones – the retracements of 38.2% and 50.0% at 1276.60 and 1261.30 respectively. The support level is the high at 1326.23.
In the H1 chart, the pair is being corrected to the downside and has already reached the retracement of 23.6%. The next targets are the short-term retracements of 38.2% and 50.0% at 1307.38 and 1301.44 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after the pair reached the retracement of 61.8% and finished the ascending wave, there was a divergence on MACD and USDCHF started a new pullback, which has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2% and 50.0% 0.9888 and 0.9855 respectively. After completing the correction, the instrument may start a new uptrend to break the local high at 0.9995 and then continue growing towards the retracement of 76.0% at 1.0029.
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In the H1 chart, after reaching the retracement of 23.6%, the pair started a new pullback.
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.
