Fibonacci Retracements Analysis 11.06.2021 (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 the pair the correctional downtrend at 61.8% fibo and start a quick rising impulse. In the nearest future, the asset may form a slight pullback and then resume growing to break the high at 0.7891 and then reach the fractal at 0.8007. Still, an alternative scenario implies a further downtrend towards 76.0% fibo and the key support at 0.7618 and 0.7532 respectively but it is highly unlikely.

The H1 chart of AUDUSD shows the potential upside targets. By now, AUDUSD has already broken 38.2% fibo and is currently testing 50.0% fibo at 0.7768. Later, the market may continue growing towards 61.8% and 76.0% fibo at 0.7797 and 0.7832 respectively, as well as the high at 0.7891. The local support is the high at 0.7645.

USDCAD, “US Dollar vs Canadian Dollar”

In the H4 chart, the situation remains stable. The pair is consolidating between the low and 23.6% fibo at 1.2007 and 1.2160 respectively. The asset may break this range both downwards and upwards but the second option is more probable. The next upside targets may be 38.2%, 50.0%, and 61.8% fibo at 1.2254, 1.2331, and 1.2407 respectively.

The H1 chart shows a correctional decline after the rising impulse and a possible breakout of the consolidation range to the downside. The correctional decline has tested 61.8% fibo at 1.2055 twice. On the other hand, a breakout of the low at 1.2007 may lead to a further downtrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.1959 and 1.1929 respectively. The resistance is the local high at 1.2133.

Article By RoboForex.com

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