Fibonacci Retracements Analysis 24.09.2021 (AUDUSD, USDCAD)

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AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the asset is correcting within the downtrend. Possibly, this pullback may transform into a new rising wave to reach 50.0% and 61.8% fibo at 0.7499 and 0.7591 respectively. However, the main scenario implies a further downtrend towards the low and the mid-term 38.2% fibo at 0.7106 and 0.7052 respectively.

The H1 chart of AUDUSD shows the potential targets of the short-term ascending correction. The asset has already tested 38.2% fibo at 0.7318 and may later continue towards 50.0% and 61.8% fibo at 0.7349 and 0.7379 respectively. If the price is able to reach 76.0% fibo at 0.7416, it may continue growing towards the resistance at 0.7478 or even higher.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after an attempt to grow and reach the high at 1.2949, the pair is forming a new wave to the downside. If later the price does break the high, the asset may continue trading within the uptrend towards the long-term target, which is 38.2% fibo at 1.3022. However, the closest target of the current decline is the support at the low (1.2493), a breakout of which may lead to a further downtrend towards 50.0% and 61.8% fibo at 1.2479 and 1.2367 respectively.

The H1 chart shows a more detailed structure of the current descending wave, which has already reached 61.8% fibo. The next downside target is 76.0% fibo at 1.2590 respectively, as well as the low at 1.2493.

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.