Fibonacci Retracements Analysis 16.07.2021 (AUDUSD, USDCAD)

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AUDUSD, “Australian Dollar vs US Dollar”

In the H4 chart, there is a steady descending movement towards 61.8% fibo at 0.7379. At the same time, we can see divergence on MACD, which may indicate a possible short-term pullback to the upside. In the future, this pullback may be followed by another descending wave to reach 76.0%% fibo at 0.7236. The resistance is the high at 0.8007.

The H1 chart of AUDUSD shows potential correctional targets convergence on MACD, which are 23.6%, 38.2%, and 50.0% fibo at 0.7524, 0.7594, and 0.7651 respectively. A breakout of the low at 0.7411 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 approaching the fractal high at 1.2654. At the same time, there is divergence on MACD, which may indicate a new pullback. The support remains at the low at 1.2007.

The H1 chart shows potential correctional targets in more details. The targets are 23.6%, 38.2%, and 50.0% fibo at 1.2471, 1.2382, and 1.2310 respectively. The local resistance is at 1.2614.

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.