Fibonacci Retracements Analysis 23.07.2020 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, after breaking the high at 0.7064, AUDUSD has reached the long-term 61.8% fibo at 0.7129 and may continue moving towards 76.0% fibo at 0.7503. One should also note that the previous correctional structure has failed to reach 23.6%, and that indicates strong bullish pressure. The support is now at 50.0% fibo (0.6820).
The H1 chart shows another ascending impulse, which has reached the post-correctional extension area between 138.2% and 161.8% fibo at 0.7174 and 0.7241 respectively. Possibly, after the price reaches the upside border of this range, the divergence on MACD may force the instrument to correct and return to 0.7064.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is heading to break the low at 1.3315 and then continue falling towards the fractal low at 1.2951. The resistance is 61.8% fibo at 1.3607, which was tested for a long time.
The H1 chart shows that after reaching 76.0% fibo, the price is testing it. The local resistance is 61.8% fibo at 1.3468. At the same time, the MACD indicator is forming a convergence, which may indicate a possible rebound or a reversal after the price reaches the low at 1.3315.
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