Fibonacci Retracements Analysis 03.09.2021 (AUDUSD, USDCAD)

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

In the daily chart, after attempting to test 38.2% fibo at 0.7052, the asset is correcting upwards to return to 23.6% fibo. After the pullback is over, the asset may continue falling towards 50.0% and 61.8% fibo at 0.6758 and 0.6464 respectively. The key resistance is the high at 0.8007.

The H4 chart of AUDUSD shows that the correctional uptrend has reached 38.2% fibo and may later continue towards and 50.0% and 61.8% fibo at 0.7498 and 0.7591 respectively. A breakout of the local support at 0.7106 will lead to a further mid-term downtrend with the closest target at 38.2% fibo (0.7052).

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the daily chart, after an attempt to reach 38.2% fibo at 1.3022 and local divergence on MACD, the pair is correcting downwards. After finishing the pullback and breaking 38.2% fibo, the asset may form a new wave to the upside with the targets at 50.0% and 61.8% fibo at 1.3336 and 1.3650 respectively. The key support remains at the low at 1.2007.

The H4 chart shows that after a thorough test of 38.2% fibo, the asset has broken this level; right now, it is forming a new descending impulse towards 50.0%, 61.8%, and 76.0% fibo at 1.2478, 1.2366, and 1.2234 respectively. The local resistance is the fractal high at 1.2949.

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.