Article By RoboForex.com
GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, the situation hasn’t changed much. GBPUSD is forming a new descending wave to break 38.2% fibo at 1.3643 and then continue falling toward 50.0% fibo at 1.3457. A breakout of the high at 1.4241 will result in a further uptrend towards the long-term fractal high at 1.4376.
As we can see in the H1 chart, a local divergence on MACD made the pair complete the ascending correction at 50.0% fibo and reverse. At the moment, the asset is heading to break the previous low at 1.3670 and may later continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3602 and 1.3561 respectively. on the other hand, a breakout of the local resistance at 1.3847 may lead to a further uptrend to attack the mid-term resistance at 1.4001.
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.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
EURJPY, “Euro vs. Japanese Yen”
The H4 chart shows that a divergence on MACD made the pair rebound from 23.6% fibo after reaching it and start a new rising wave towards 130.66, a breakout of which may lead to a further uptrend to reach the long-term 76.0% fibo at 131.95. However, an alternative scenario implies that EURJPY may rebound from the high and start a new decline. In this case, the downside target may be 38.2%, 50.0%, and 61.8% fibo at 127.20, 126.14, and 125.08 respectively.
In the H1 chart, after breaking 61.8% fibo, the par is steadily growing to reach the next target at 76.0% fibo (130.09). Still, a divergence on MACD hints at a reversal and a new decline towards the local low at 128.29.
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.
- AI Revolution and NVDA: Why Tough Going May Be Ahead Mar 28, 2024
- GBP Consolidates Amid Concerns Over Economic Growth and Wage Trends Mar 28, 2024
- The Australian and German indexes set all-time highs. The Reserve Bank of South Africa kept the rate at 8.25% Mar 28, 2024
- Target Thursdays: EURGBP, GBPUSD & Crude hit targets! Mar 28, 2024
- EURSEK: Hits fresh 2024 high at 200-day SMA Mar 27, 2024
- Australia has seen a decline in inflationary pressures. Japan may conduct currency intervention shortly Mar 27, 2024
- Australian Dollar Slides to Three-Week Low Mar 27, 2024
- Trade restrictions between the US and China are intensifying. Japan’s currency diplomats talk about possible intervention to support the yen Mar 26, 2024
- Japanese Yen Awaits Intervention Amid Weakness Mar 26, 2024
- NETH25 index chasing new record highs! Mar 26, 2024