Fibonacci Retracements Analysis 04.06.2021 (AUDUSD, USDCAD)

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the daily chart, AUDUSD is starting a new correctional downtrend after a divergence on MACD towards 23.6%, 38.2%, and 50.0% fibo at 0.7415, 0.7053, and 0.6757 respectively. After completing this pullback, the instrument may resume growing to break the high at 0.8007 and then reach the long-term 50.0% fibo at 0.8292.

The H4 chart of AUDUSD shows a more detailed structure of the current descending correction, which has already broken 61.8% fibo and may continue towards 76.0% fibo at 0.7618. However, the key downside target is the low at 0.7532. The resistance is the local high at 0.7891.

USDCAD, “US Dollar vs Canadian Dollar”

In the H4 chart, the pair is forming the first rising impulse after updating the low and a convergence on MACD. At the moment, the price is heading towards 23.6% fibo, a breakout of which may lead to a further uptrend to reach 38.2%, 50.0%, and 61.8% fibo at 1.2254, 1.2331, and 1.2407 respectively. The support is the low at 1.2007.

The H1 chart shows a steady rising impulse towards 23.6% fibo at 1.2160.

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.