Dmitriy Gurkovskiy | Sep 28, 2020 12:27
As we can see in the H4 chart, XAU/USD has finished the correction by breaking the Triangle pattern downwards; after reaching 38.2% fibo at 1836.50, the pair has failed to break it yet, which may indicate a possible local pullback. If the price breaks 38.2% fibo, it may continue falling to reach 50.0% and 61.8% fibo at 1763.30 and 1690.00 respectively. The resistance remains at the high at 2074.75.
In the H1 chart, the pair is forming a short-term pullback. The local convergence made XAU/USD reach 23.6% fibo but after a rebound from the low it may resume trading upwards to reach 38.2% and 50.0% fibo at 1891.25 and 1904.45 respectively. If the asset breaks the support, which is the local low at 1848.69, the instrument may complete the pullback.
As we can see in the H4 chart, the convergence made USD/CHF complete the descending wave at the long-term 38.2% fibo and start a new correction to the upside, which has already broken 23.6% fibo and may continue moving towards 38.2% fibo at 0.9343. After that, there might be a slight correction to the downside, which may be followed by further growth towards 50.0% and 61.8% fibo at 0.9449 and 0.9554 respectively. After finishing the correction, the instrument may resume falling to break the support at 0.8998 and then reach the long-term 50.0% fibo at 0.8706.
In the H1 chart, the asset is moving upwards but the MACD indicator is forming a divergence at the same time, which hints at a possible pullback after the pair reaches the target at 38.2% fibo at 0.9343; possible correctional targets are 23.6%, 38.2%, and 50.0% fibo at 0.9273, 0.9231, and 0.9196 respectively.
Written By: Dmitriy Gurkovskiy
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