Fibonacci Retracement Analysis for 06.08.2021 (AUDUSD, USDCAD)

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AUDUSD, “Australian Dollar vs US Dollar”

On D1, we can see the market trying to get over 23.6% Fibo and secure under it. Such a situation might mean that that the market is entering a bearish phase quite confidently after lengthy growth and a divergence on the MACD. Further aims of the decline should be 38.2% (0.7052), 50.0% (0.6758), and 61.8% (0.6464). The main resistance is still at the high of 0.8007.

On H4, the quotations are rising slightly, which can be interpreted as a correction after a convergence on the MACD and a test from below of an important nedium-term level of 23.6%. By now, the pullback has tested the area near 23.6% (0.7431), and the next goals might be 38.2% (0.7519) and 50.0% (0.7590) Fibo. A breakaway of the low of 0.7289 will signal the continuation of the descending.

USDCAD, “US Dollar vs Canadian Dollar”

On H4, there is an ascending correction, and the pair is preparing for another descending impulse. The quotations are again testing 38.2% Fibo, trying to break it away. A breakaway of this will let the market develop the nedium-term uptrend to 50.0% (1.2407), 61.8% (1.2313), and 76.0% (1.2200). The main support level is still at the low of 1.2007, and the resistance level is 1.2807.

On H1, an ascending correction, upon converging, reached 38.2%. However, the new decline leaves almost no chance for new growth to 50.0% (1.2615). The quotations are aiming at a breakaway of 1.2422.

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.