Fibonacci Retracements Analysis 19.11.2020 (AUDUSD, USDCAD)

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AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD is forming a rising wave towards the high after a convergence on MACD. This ascending movement and a breakout that may follow will indicate the completion of the correction, although its first wave has only reached 23.6% fibo at 0.6964. After updating the high, the asset may continue growing to reach the long-term 76.0% fibo at 0.7504, as well as the post-correctional extension area between 138.2% and 161.8% fibo at 0.7574 and 0.7675 respectively. However, as long as the high isn’t broken, one shouldn’t exclude a possibility of a rebound and further decline towards 23.6% and 38.2% fibo at 0.6964 and 0.6685 respectively.

The H1 chart shows the correctional downtrend after a divergence. After reaching 23.6% fibo, the pair has returned to the high at 0.7340. at the moment, the asset is expected to rebound from this level and start a new decline to reach 38.2% and 50.0% fibo at 0.7207 and 0.7166 respectively.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after breaking the low, the pair is correcting within the descending tendency. After finishing the pullback, USDCAD may start a new decline towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.2831 and 1.2732 respectively. The key resistance is the fractal high at 1.3420.

In the H1 chart, the pair has corrected towards 50.0% fibo after another descending wave and a convergence on MACD. At the moment, the price is falling again but this movement should be considered as an internal pullback. Later, the asset may start a new rising impulse to test 61.8% fibo 1.3213 and then resume falling towards the low at 1.2928.

Article By RoboForex.com

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.