Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is still correcting below 38.2% fibo. The next upside targets may be 50.0%, 61.8%, and 76.0% fibo at 1962.00, 1988.40, 2020.30 respectively. However, an opposite scenario, which is equally possible, implies that the price may start a new decline to break the low at 1848.67 and then reach the long-term 38.2% and 50.0% fibo at 1836.50 and 1763.40 respectively.
In the H1 chart, after the divergence, the descending wave tried to test 61.8% fibo at 1880.90. After that, the instrument reached the high at 1933.18 but failed to break it. Judging by the current descending wave, the asset is expected to continue falling towards 76.0% fibo at 1868.90.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the descending wave has stopped not far from the low at 0.8999, and right now the asset is testing 76.0% fibo at 0.9070. Also, there is a convergence on MACD, which may indicate a reversal of the local tendency and a new mid-term rising wave towards the high at 0.9296 and then 38.2% fibo at 0.9472. At the same time, one shouldn’t forget about a possible breakout of the low at 0.8999. If it happens, USDCHF may continue falling to reach the post-correctional extension area between 138.2% and 161.8% fibo at 0.8885 and 0.8816 respectively.
In the H1 chart, a local convergence on MACD made the pair start a new rising impulse, which has already reached 23.6% fibo. In the future, the asset may continue growing towards 38.2%, 50.0%, 61.8%, and 76.0% fibo at 0.9132, 0.9163, 0.9194, and 0.9232 respectively, as well as the high at 0.9296, to confirm further long-term uptrend.
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.
- Indices decline amid hawkish comments from the Fed. Investors are waiting for Israel’s answer Apr 17, 2024
- EURGBP: Slams into support on hot UK inflation Apr 17, 2024
- Brent crude prices dip amid concerns over global demand Apr 17, 2024
- Stock indices sell-off amid rising geopolitical tensions in the Middle East. China’s GDP grew the most in a year Apr 16, 2024
- New FXTM commodity hits all-time high! Apr 16, 2024
- NZD hits five-month low against strong US dollar Apr 16, 2024
- Escalating conflict in the Middle East is forcing investors to shift funds to safe assets Apr 15, 2024
- US dollar exhibits remarkable strength amid global tensions Apr 15, 2024
- COT Metals Charts: Speculator bets led higher by Copper & Platinum Apr 13, 2024
- COT Bonds Charts: Speculator Bets led by 10-Year & 5-Year Bonds Apr 13, 2024