Fibonacci Retracements Analysis 09.07.2021 (AUDUSD, USDCAD)

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the daily chart, there is a steady descending correctional wave after divergence on MACD, which is testing and trying to break 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 H1 chart of AUDUSD shows convergence on MACD, which may indicate a possible pullback to the upside towards 23.6%, 38.2%, 50.0%, and 61.8% fibo at 0.7524, 0.7594, 0.7651, and 0.7707 respectively. A breakout of the low at 0.7410 will result in a further downtrend.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after breaking 76.0% fib, USDCAD is approachi9ng the fractal high at 1.2654. The support remains at the low at 1.2007. At the same time, there is divergence on MACD, which may indicate a new pullback after the asset tests the high.

In the H1 chart, the pair is growing towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.2576 and 1.2632 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.