Fibonacci Retracements Analysis 08.08.2019 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the daily chart, after plummeting towards 76.0% fibo, AUDUSD is starting a new pullback, which is confirmed by the convergence on MACD. One of the targets is 61.8% fibo at 0.6833. After completing the pullback, the pair may continue falling to reach the long-term low at 0.6547.
In the H4 chart, the convergence made AUDUSD start a new correction to the upside, which has already reached 23.6% fibo and may continue towards 38.2% and 50.0% fibo at 0.6831 and 0.6880 respectively. The support is the low at 0.6677.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after breaking 50.0% fibo, the uptrend couldn’t reach 61.8% fibo at 1.3355. At the same time, there is a convergence on MACD, which is making USDCAD start a new decline. The first target is 23.6% fibo at 1.3266; the next ones – 38.2%, 50.0%, 61.8%, and 76.0% fibo at 1.3219, 1.3180, 1.3141, and 1.3095 respectively. The key target is the low at 1.3015.
In the H1 chart, USDCAD is trading downwards to reach 23.6% fibo at 1.3266.
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.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.