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Fibonacci Retracements Analysis 05.08.2020 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After breaking the long-term 50.0% fibo and entering the post-correctional extension area between 138.2% and 161.8% fibo at 1.3026 and 1.3158 respectively, the pair forming a new short-term pullback. The support is at 1.2813. The next rising impulse may be heading towards the long-term 61.8% fibo at 1.3243.

Fibonacci Retracements Analysis 05.08.2020 GBPUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the divergence on MACD made the price start a new correction, which has already reached 23.6% fibo. The next correctional targets may be 38.2% and 50.0% fibo at 1.2918, and 1.2184 respectively. However, if the price breaks the high at 1.3170, the instrument may continue the uptrend.

Fibonacci Retracements Analysis 05.08.2020 GBPUSD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, after completing a short-term pullback, EURJPY stared a new rising impulse, which has already broken the high at 124.43 and may continue moving towards the long-term 50.0% fibo at 125.94 and then the post-correctional extension area between 138.2% and 161.8% fibo at 126.38 and 127.57 respectively. The support is the fractal low at 119.31.

Fibonacci Retracements Analysis 05.08.2020 EURJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the instrument is correcting in the form of a Triangle after a local divergence on MACD. The first descending wave has already reached 23.6% fibo, while the next one can be heading towards 38.2% and 50.0% fibo at 123.33 and 122.74. A signal that the correction is over will be a breakout of the high at 125.21.

Fibonacci Retracements Analysis 05.08.2020 EURJPY_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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