Fibonacci Retracements Analysis 07.04.2021 (GBPUSD, EURJPY)

April 7, 2021

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

On H4, the correctional wave of growth first returned to 23.6% and now we may expect another wave of decline to 38.2% (1.3643) Fibo. The aim of further decline after a breakaway of 38.2% will be 50.0% (1.3457). A breakaway of the high of 1.4241 might let the quotations rise to the long-term fractal peak of 1.4376.

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

On H1, we can see a correctional wave rise to 38.2% though it failed to reach 50.0% (1.3955) Fibo. After a local divergence the trend reversed. By now, the quotations have reached 38.2% and might head for 50.0% (1.3794), 61.8% (1.3765), and 76.0% (1.3729). After a breakaway of the low of 1.3670 the quotations might head for the post-correctional extension range of 138.2-161.8% (1.3575-1.3517). A breakaway of the local resistance level of 1.3918 might let the quotations attack the medium-tetm resistance level of 1.4001.


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

EURJPY, “Euro vs. Japanese Yen”

On H4, there is a wave of growth approaching the high of 130.66, threatening to break it away. The breakaway of the high might let the quotations rise to the long-term level of 76.0% (131.95) Fibo. However, as previously, the quotations might bounce off the high which, in turn, will let another wave of decline form. A new wave of decline might head for 38.2% (127.20), 50.0% (126.14), and 61.8% (125.08).

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

On H1, the uptrend has overcome 76.0% Fibo of the previous declining wave and is now attacking the high. Later the quotations might aim at the post-correctional extension area of 138.2-161.8% (131.57-132.13). The medium-tetm level of 76.0% is also in this area. A divergence on the MACD might mean a possible reversal and a decline to the local low of 128.29.

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.