Fibonacci Retracements Analysis 04.07.2019 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, the correctional uptrend continues. AUDUSD is heading towards 61.8% fibo at 0.7062. At the same time, there is a divergence on MACD, which indicates a new decline after the current correctional uptrend. The first downside target may be 38.2% fibo at 0.6974.
The H1 chart shows more detailed structure of the current correctional uptrend towards 61.8% fibo at 0.7063. In case the tendency reverses, the instrument may move towards 23.6%, 38.2%, 50.0%, and 61.8% fibo at 0.7008, 0.6975, 0.6947, and 0.6920 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the daily chart, the current descending wave has reached 38.2% fibo. The next downside target may be 50.0% fibo at 1.2864. The key resistance is at 1.3665.
In the H4 chart, USDCAD has reached 38.2% fibo; right now, there is a convergence on MACD. In this case, the pair may start a new pullback towards the current resistance at 23.6% fibo at 1.3288.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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