Fibonacci Retracements Analysis 28.05.2018 (GOLD, USDCHF)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the convergence made XAUUSD reverse and start a new uptrend, which has already reached the retracement of 23.6%. The next upside targets may be the retracements of 38.2%, 50.0%, and 61.8% at 1313.80, 1323.70, and 1333.40 respectively. The support level is the low at 1282.09.
In the H1 chart, the divergence made the pair finish the uptrend and start a new correction to the downside, which has already reached the retracement of 50.0% 1295.00. This descending correction may continue towards the retracements of 61.8% and 76.0% at 1292.00 and 1288.20 respectively. After breaking the low at 1282.09, AUUSD may continue the mid-term downtrend towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1272.30 and 1266.30 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF is still being corrected to the downside towards the retracement of 38.2% at 0.9858. The next target of this correction may be the retracement of 50.0% at 0.9797. If the price breaks the high at 1.0056, the uptrend may continue.
In the H1 chart, the pair is moving sideways. After finishing this correction, the instrument may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.9858 and 0.9837 respectively.
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