Fibonacci Retracements Analysis 02.07.2021 (AUDUSD, USDCAD)

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AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the daily chart, there is a new descending correctional wave after a divergence on MACD, is approaching 23.6%% fibo at 0.7415. The next downside targets may be 38.2% and 50.0% fibo at 0.7053 and 0.6757 respectively. The resistance is the high at 0.8007.

The H4 chart of AUDUSD shows a correctional downtrend after the previous ascending wave, which has already broken 50.0% fibo and may later continue towards 61.8% and 76.0% fibo at 0.7380 and 0.7237 respectively.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, USDCAD is moving upwards after completing another correction. The upside targets are 76.0% fibo and the fractal high at 1.2498 and 1.2654 respectively. The support is the low at 1.2007.

The H1 chart shows a more detailed structure of the current ascending impulse, which is heading to break the high at 1.2487. After that, the instrument may continue growing towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.2576 and 1.2633 respectively. The local support is at 1.2252.

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.