Fibonacci Retracements Analysis 18.06.2021 (AUDUSD, USDCAD)

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the daily chart, there is a new descending wave after a divergence on MACD. The current technical pictures may be described as a long-term correction approaching 23.6% fibo at 0.7415. The next downside targets may be 38.2% and 50.0% fibo at 0.7053 and 0.6767 respectively. The resistance is the high at 0.8007.

The H4 chart of AUDUSD shows an attempt to break the previous fractal low at 0.7532. If the price succeeds, the market may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.7395 and 0.7311 respectively. The local resistance is at 0.7891.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the daily chart, after a test of the long-term low and a convergence on MACD, the pair is moving to the upside towards 23.6%, 38.2%, 50.0%, 61.8%, and 76.0% fibo at 1.2636, 1.3023, 1.3336, 1.3649, and 1.4028 respectively. As a result, we may assume that the pair is about to start a new long-term uptrend. The support is the low at 1.2007.

The H4 chart shows an ascending correction after the previous descending wave. The pair is approaching 61.8% fibo at 1.2407, a breakout of which may lead to a further uptrend towards 76.0% fibo at 1.2499. However, the key upside target is the resistance at 1.2654.

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.