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Fibonacci Retracements Analysis AUD/USD, USD/CAD

Published 13/08/2020, 12:32
AUD/USD
0.08%
USD/CAD
0.03%

AUD/USD
In the H4 chart, after updating the high, AUD/USD has failed to continue the uptrend. The current situation may be described as a test of the long-term 61.8% fibo. The next upside target may be 76.0% fibo at 0.7503. At the same time, the MACD indicator is forming a divergence, which may hint at a possible correction to the downside soon. The closest correctional target may be the support not far from 50.0% fibo at 0.6820.
AUDUSD_H4
As we can see in the H1, after re-testing the upside border of the post-correctional extension area between 138.2% and 161.8% fibo at 0.7174 and 0.7241 respectively and the divergence on MACD, the pair started falling and even broke 23.6% fibo but was stopped by the convergence and transformed into a new rising impulse. The next descending wave may reach 38.2%, 50.0%, and 61.8% fibo at 0.7086, 0.7038, and 0.6989 respectively. The resistance is the high at 0.7243.
AUDUSD_H1
USD/CAD
As we can see in the H4 chart, after breaking the low at 1.3315, USD/CAD has formed another pullback towards 1.3411. Later, the instrument may resume falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3164 and 1.3066 respectively.
USDCAD_H4
The H1 chart shows a more detailed structure of the descending wave, which is heading towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3164 and 1.3066 respectively.
USDAD_H1

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