Fibonacci Retracement Analysis 09.04.2021 (AUDUSD, USDCAD)

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

On H4, the wave of correctional growth after the convergence did not demonstrate any impressive move. Further growth is not excluded, but the priority is further development of the downtrend to 50.0% (0.7500) and 61.8% (0.7380) Fibo. The resistance is still at the high of 0.8007.

On H1, the correctional growth reached just 23.6% Fibo. After a local divergence, the decline will head for 0.7532, and a breakaway here will signal further development of the medium-term downtrend. However, in case of a bounce, the wave of growth will head for 38.2% (0.7713) and 50.0% (0.7769).

USDCAD, “US Dollar vs Canadian Dollar’

On H4, the market remains in the correctional phase after a wave of growth to 50.0% Fibo. The fact that the declining wave has not dropped to the low and support at 1.2365 might mean that buyers are strong. When the correctional phase is over, growth might continue to 61.8% (1.2683) and 76.0% (1.2757), but the main goal is the local high of 1.2881.

On H1, one can see the inner construction of the correctional phase. The declining wave has reached 50.0% and finished in a convergence. Subsequent growth did not break through 1.2647, which might mean a possible decline to 61.8% (1.2473). However, if the high is broken away, an impulse of rapid growth might form.

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.