Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD has broken the previous significant high and may continue the ascending tendency in the short-term. Right now, the pair is being corrected after the divergence; the support is at 1319.85. The next upside targets are short-term and mid-term ones: the former are inside the post-correctional extension area between 138.2% and 161.8% fibo at 1358.90 and 1365.75 respectively, while the latter are inside the post-correctional extension area between 138.2% and 161.8% fibo at 1377.10 and 1396.30 respectively.
The H1 chart shows more detailed structure of the current descending correction, which has already reached 23.6% fibo. The next downside targets are 38.2% and 50.0% fibo at 1324.30 and 1313.85 respectively.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, USDCHF is forming a new correction within the long-term downtrend. After completing the correction, the pair may resume falling towards 38.2% fibo at 0.9836. The next downside target may be 50.0% fibo at 0.9712.
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As we can see in the H1 chart, the rising pullback has reached 38.2% fibo. The next upside target may be 50.0% fibo at 1.0040. At the same time, there is a divergence on MACD indicating that the current growth may be over soon. If the instrument breaks the low at 0.9854, the downtrend will continue.
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.
