Fibonacci Retracements Analysis 02.04.2021 (AUDUSD, USDCAD)

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the “bearish” correctional wave has failed to reach 50.0% fibo at 0.7500 for the second time. At the same time, there was a new convergence on MACD to indicate another ascending correctional movement, which may later transform into a proper rising wave to reach the high at 0.8007 and the post-correctional extension area between 138.2% and 161.8% fibo at 0.8175 and 0.8281 respectively. Otherwise, the instrument may continue its mid-term decline towards 50.0% and 61.8% fibo at 0.7500 and 0.7380 respectively.

The H1 chart shows a more detailed structure of the current ascending correction after a convergence with the targets at 23.6%, 38.2%, 50.0%, 61.8%, and 76.0% fibo at 0.7644, 0.7714, 0.7769, 0.7826, and 0.7893 respectively. A breakout of the support at 0.7532 will lead to a further mid-term downtrend.

USDCAD, “US Dollar vs Canadian Dollar”

In the H4 chart, USDCAD is correcting downwards after completing the first wave to the upside and reaching 50.0% fibo. Later, the pair may soon resume growing towards 61.8% and 76.0% fibo at 1.2683 and 1.2757 respectively. The support remains at the low at 1.2365.

The H1 chart shows a bearish trend, which has already reached 38.2% fibo and may later continue towards 50.0% and 61.8% fibo at 1.2506 and 1.2473 respectively. The resistance is the high at 1.2647.

Article By RoboForex.com

Attention!
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.