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Fibonacci Retracements Analysis 26.04.2021 (GOLD, USDCHF)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, a local divergence on MACD made XAUUSD complete the ascending wave at 38.2% fibo and start a new pullback. The rising dynamics on MACD implies a further uptrend towards 50.0%, 61.8%, and 76.0% fibo at 1818.15, 1851.32, and 1892.40 respectively. However, even this technical picture may transform the local pullback into a new descending wave to reach the low at 1676.78.

Fibonacci Retracements Analysis 26.04.2021 GOLD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a more detailed structure of the current local correction after a divergence on MACD. After getting close to 38.2% fibo at 1769.50, the asset has rebounded from it. The next descending wave may be heading towards 50.0% and 61.8% fibo at 1760.75 and 1752.00 respectively. Only a breakout of the current high at 1797.87 will complete the correction.

Fibonacci Retracements Analysis 26.04.2021 GOLD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, the descending wave in USDCHF has broken 50.0% fibo. However, there is a convergence on MACD that may indicate a possible correction. The next descending structure may be heading towards 61.8% and 76.0% fibo at 0.9100 and 0.9015 respectively, or even the low at 0.8871. If the convergence does push the asset upwards, a new rising wave may reach the high at 0,9473, a breakout of which may lead to a further uptrend to test the long-term 50.0% fibo at 0.9496.

Fibonacci Retracements Analysis 26.04.2021 USDCHF_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows potential short-term correctional targets, 23.6%, 38.2%, 50.0%, and 61.8% fibo at 0.9204, 0.9255, 0.9116, and 0.9339 respectively. The local support is the low at 0.9121.

Fibonacci Retracements Analysis 26.04.2021 USDCHF_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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