Fibonacci Retracements Analysis 20.02.2020 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
On H4, the pair demonstrates the development of a downtrend after a breakout of an important low. The goals of the decline are inside the post-correctional extension area 138.2-161.8% (0.6532-0.6447) Fibo. The resistance is at 0.6758.
On H1, the quotations are approaching the local target post-correctional extension area 138.2-161.8% (0.6628-0.6608) Fibo. With the development of the downtrend, we may notice a convergence forming, which may signal a pullback.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the pair demonstrates a decline as a correction of the previous uptrend. The quotations have reached 23.6% and may further decline to 38.2% (1.3184) and 50.0% (1.3140) Fibo. The resistance is at the high of 1.3329.
On H1, the correctional decline can be seen in more detail. The quotations are aimed at 38.2% (1.3184) Fibo.
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