Fibonacci Retracements Analysis 20.08.2021 (AUDUSD, USDCAD)

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

In the daily chart, the asset is forming a quick descending wave inside the downtrend. After testing 23.6% fibo from below, AUDUSD is approaching 38.2% at 0.7052 and may later continue trading towards 50.0% and 61.8% fibo at 0.6758 and 0.6464 respectively. The key resistance is the high at 0.8007.

The H1 chart of AUDUSD shows divergence on MACD, which may indicate a potential correctional rebound after the price 38.2% fibo at 0.7052. the correctional targets may be 23,6%, 38.2%, and 50.0% at 0.7141, 0.7195, and 0.7239 respectively.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the daily chart, the pair is moving upwards, thus forming a new wave to the upside with the targets at 38.2%, 50.0%, and 61.8% fibo at 1.3022, 1.3336, and 1.3650 respectively. The key support remains at the low at 1.2007.

In the H4 chart, after completing the descending correction at 50.0% fibo, the asset has broken its previous high. At the moment, the pair is trading towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.2953 and 1.3044 respectively. The support is the fractal low at 1.2422.

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.