Fibonacci Retracements Analysis 08.10.2021 (AUDUSD, USDCAD)

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AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, after attempting to fall and reach the low at 0.7106, the asset had to start another growth due to convergence on MACD, which may be considered as a new rising wave within the correctional phase to reach 50.0% and 61.8% fibo at 0.7499 and 0.7591 respectively.

The H1 chart of AUDUSD shows that the current growth has already reached 50.0% fibo and may later continue towards 61.8% fibo at 0.7360. At the same time, there is divergence on MACD to indicate a possible pullback soon. The local support is the low at 0.7170.

USDCAD, “US Dollar vs Canadian Dollar”

In the H4 chart, after failing to grow and break the high at 1.2949, USDCAD is forming a new descending wave within the mid-term correctional phase, which is heading to break the low at 1.2493 and then reach 50.0% and 61.8% fibo at 1.2478 and 1.2366 respectively.

As we can see in the H1 chart, the descending tendency is heading towards the low at 1.2493. at the same time, there is convergence on MACD, which may indicate a possible pullback to the upside after the price tests the low.

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.