EURUSD, GBPUSD, Gold, DAX Update | Summary and Q&A

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March 22, 2019
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EURUSD, GBPUSD, Gold, DAX Update

TL;DR

Fibonacci retracements are playing a significant role in various financial charts, suggesting potential resistance levels and directional moves.

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Questions & Answers

Q: How does Fibonacci retracement work in financial charts?

Fibonacci retracements are levels drawn on a chart to identify potential support or resistance levels based on ratios derived from the Fibonacci sequence. Common retracement levels used include 38.2%, 50%, and 61.8%.

Q: What does the Euro against the US dollar chart suggest?

The chart indicates a notable area of resistance at around 117.30 due to the convergence of multiple Fibonacci retracement levels. A potential target for a bullish move is at 117.36, while a break below 111.76 could signal a further decline.

Q: How is Cable (sterling against the US dollar) behaving in response to news flow?

Cable is currently choppy due to news flow, but dips are being bought. The support levels at 130.50 and 130.24 are crucial for maintaining the upside potential. However, there is horizontal resistance around the 134 area to watch out for.

Q: What is the outlook for Gold based on Fibonacci patterns?

Gold has experienced a bounce from the 38.2% Fibonacci retracement level at 1280. This suggests a potential move back to 1350 in the future, although price action might not be linear.

Summary & Key Takeaways

  • The Euro against the US dollar has shown a strong rally from a previous sell-off, reaching close to the 61.8% Fibonacci level. The current retracement suggests a potential area of resistance at 117.30.

  • Cable (sterling against the US dollar) is responding to news flow but is supported by important levels at 130.50 and 130.24. Horizontal resistance is expected around the 134 area.

  • Gold has bounced from the 38.2% Fibonacci retracement level at 1280, indicating a potential move back to 1350 in the near future.

  • The DAX has shown a failed attempt to break above the 61.8% retracement level at 11,883, along with resistance at the 200-day moving average at 11,760.

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