Fibonacci Retracements Analysis 14.10.2020 (GBPUSD, EURJPY)

October 14, 2020

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, a local divergence on MACD made GBPUSD finish the correctional uptrend, which has corrected the previous descending wave by 50.0%. there is a possibility of another rising impulse towards 61.8% fibo at 1.3174 but this scenario is rather unlikely. The key resistance is the high at 1.3482. The main scenario implies further decline to break the low at 1.2675 and then reach the long-term 50.0% fibo at 1.2445.

GBPUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the asset has reached 38.2% fibo after a local divergence on MACD and right now it is heading towards 50.0% fibo at 1.2879. Later, the market may continue falling to reach 61.8% and 76.0% fibo at 1.2831 and 1.2773 respectively but the key downside target is the low at 1.2675. The resistance is the local high at 1.3083.


Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.




Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter






GBPUSD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, after breaking 50.0%, the correctional uptrend has failed to reach 61.8% fibo at 125.28. At the moment, after a local divergence on MACD, EURJPY is starting another mid-term descending wave towards the low at 122.38. If later the price breaks this level, the asset may continue falling to reach 50.0% and 61.8% fibo at 121.21 and 119.83 respectively.

EURJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a new decline after a divergence on MACD. After falling and reaching 50.0% fibo, the asset is about to rebound. After completing the pullback, the instrument may continue falling towards 61.8% and 76.0% fibo at 123.41 and 123.03 respectively, and then the low at 122.38. The local resistance is the high at 125.08.

EURJPY_H1

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.