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XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the divergence made XAUUSD start a new decline to reach 23.6% fibo at 1690.70, which was later followed by another ascending impulse towards the high at 1764.86. If the pair breaks the high, it may continue growing to reach the post-correctional extension area between 138.2% and 161.8% fibo at 1798.90 and 1858.60 respectively. However, there is another scenario, according to which the instrument may rebound from the high start a new descending wave towards 38.2% and 50.0% fibo at 1645.40 and 1607.83 respectively.
In the H1 chart, the convergence made the pair complete the descending wave at 23.6% fibo (1690.70) and start a new growth to break the high 1764.86.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after breaking the downside border of the Triangle pattern, USDCHF has failed to break the similar border of the Flat pattern. However, a breakout of this border is just a question of time. The current decline may be considered as a new correctional wave towards 61.8% fibo at 0.9453. The resistance remains in at 0.9743.
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In the H1 chart, the descending wave is approaching 50.0% fibo at 0.9538. At the same time, one can see a convergence on MACD, which may indicate a rebound towards 0.9638. Earlier, this level acted as a support.
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.