Fibonacci Retracements Analysis 19.03.2021 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the first “bearish” wave in AUDUSD is experiencing a correction to the upside, which may be over soon. The downside targets may be 50.0% and 61.8% fibo at 0.7500 and 0.7380 respectively. At the same time, despite a divergence on MACD, one shouldn’t exclude a further uptrend to reach the high at 0.8007.
The H1 chart shows a more detailed structure of the current ascending correction, which, after reaching 50.0% fibo, failed to get to 61.8% fibo at 0.7860. Also, there is a local divergence on MACD, which helped the pair to fall towards 50.0% fibo. Later, the price may continue falling to reach 61.8% and 76.0% fibo at 0.7708 and 0.7676 respectively. The resistance is the high at 0.7849.
USDCAD, “US Dollar vs Canadian Dollar”
In the daily chart, USDCAD continues forming the stable downtrend towards the fractal low at 1.2061. At the same time, there is a convergence on MACD, which may hint at a possible pullback to the upside to return to 61.8% fibo at 1.3060.
The H1 chart shows a correctional uptrend after a local convergence. The first rising impulse has reached 23.6% fibo and may continue towards 38.2%, 50.0%, and 61.8% fibo at 1.2562, 1.2623, and 1.2683 respectively. The support is the low at 1.2365.
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.