Fibonacci Retracements Analysis 12.08.2019 (GOLD, USDCHF)

2019-08-13 10:01    RoboForex

XAUUSD, “Gold vs US Dollar”

As we can see in the daily chart, XAUUSD has completed the strong rising impulse and reached 61.8% fibo. At the same time, there is a divergence on MACD, which may signal a new descending correction. The possible downside targets are 23.6%, 38.2%, and 50.0% fibo at 1453.30, 1418.55, and 1390.05 respectively. The resistance is the high at 1510.35.

Fibonacci Retracements Analysis 12.08.2019 (GOLD, USDCHF) Institution Opinions 1
Fibonacci Retracements Analysis 12.08.2019 (GOLD, USDCHF) Institution Opinions 2

In the H1 chart, the pair is trading inside the sideways channel, which may start a deeper correction. The key targets of this correction may be 23.6%, 38.2%, 50.0%, and 61.8% fibo at 1484.36, 1468.46, 1455.29, and 1442.40 respectively.

Fibonacci Retracements Analysis 12.08.2019 (GOLD, USDCHF) Institution Opinions 3
Fibonacci Retracements Analysis 12.08.2019 (GOLD, USDCHF) Institution Opinions 4

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the daily chart, the descending impulse has stopped near the significant low. However, this slowdown may be considered as a pullback to test the low. The resistance is 61.8% fibo at 0.9802. After breaking the low, the instrument may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.9586 and 0.9522 respectively.


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

In the H4 chart, the local convergence made the pair start a new pullback, which has already reached 23.6% fibo and may yet continue towards 38.2% and 50.0% fibo at 0.9800 and 0.9834 respectively. The support is the low at 0.9692.

USDCHF_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GoldCHFFibonacci Retracements

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