Fibonacci Retracements Analysis 30.04.2021 (AUDUSD, USDCAD)

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AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, a convergence on MACD made AUDUSD return to 23.6% fibo; right now, the asset is still testing this level. This movement may be called a local consolidation. In this case, there are two possible scenarios for the asset to choose from. The first one implies a further uptrend towards the high at 0.8007. The second scenario suggests that the pair may break the range to the downside and continue the correction to reach 50.0% and 61.8% fibo at 0.7500 and 0.7380 respectively.

The H1 chart of UADUSD shows that the correctional uptrend is trying to reach 61.8% fibo at 0.7826. if the price breaks this level, it may continue growing towards 76.0% fibo at 0.7893 and then the high. The local support is the low at 0.7532.

USDCAD, “US Dollar vs Canadian Dollar”

In the H4 chart, after finishing the correctional uptrend, USDCAD has formed a strong descending impulse to break the low at 1.2365. Later, the market may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.2255 and 1.2186 respectively. The resistance is the fractal high at 1.2654.

As we can see in the H1 chart, a convergence is making the pair finish the descending wave on its way towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.2255 and 1.2187 respectively. Later, the asset may correct upwards to reach 23.6%, 38.2%, and 50.0% fibo at 1.2360, 1.2416, and 1.2461 respectively.

Article By RoboForex.com

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