Fibonacci Retracements Analysis 18.02.2021 (AUDUSD, USDCAD)

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, after falling and reaching 23.6% fibo, AUDUSD has formed a new rising impulse towards the high at 0.7820. If the pair breaks the high, it may continue growing to reach the post-correctional extension area between 138.2% and 161.8% fibo at 0.7918 and 0.7978 respectively. However, if the asset rebounds from the high, it may resume falling and expand the correctional range. The correctional targets may be at 38.2% and 50.0% fibo at 0.7503 and 0.7406 respectively.

The H1 chart shows that a local divergence on MACD made the pair start a new correctional downtrend, which, after breaking 23.6% fibo, has failed to reach 38.2% fibo at 0.7713. The next rising wave may be heading to break the local and key highs at 0.7805 and 0.7820 respectively. However, considering the direction of the MACD lines, the market may yet form another descending wave to reach z8.2% and 50.0% fibo at 0.7713 and 0.7684 respectively.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, USDCAD is falling again to test the low at 1.2589. Considering a divergence on MACD, the pair may rebound and start a new rising impulse towards 23.6%, 38.2%, and 50.0% fibo at 1.3979, 1.3382, and 1.3628 respectively. On the other hand, the asset may yet continue falling to reach the fractal support at 1.2061.

The H1 chart shows that the descending wave has reached 50.0% fibo after a convergence on MACD. Later, the market may continue growing towards 61.8% and 76.0% fibo at 1.2778 and 1.2816 respectively. However, the key target is the local high at 1.2881. The support is the low at 1.2610.

Article By RoboForex.com

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