Fibonacci Retracement Analysis 12.11.2021 (AUDUSD, USDCAD)

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AUDUSD, “Australian Dollar vs US Dollar”

On H4, a phase of correctional growth stopped above 50.0%, failing just a bit to reach 61.8% (0.7591) Fibo. Now a new wave of decline is aiming at the last low of 0.7106. After a breakaway, the quotations can head for the medium-term level of 38.2% (0.7052).

On H1, a wave of decline is testing 61.8% and can go over it to 76.0% (0.7215) Fibo. With such a technical picture, note a convergence forming on the MACD, which might indicate a short-term pullback after the target level is reached. The main resistance is at the high of 0.7556.

USDCAD, “US Dollar vs Canadian Dollar”

On D1, there is another wave of the bullish phase after a correctional decline. The aims of the new wave will be 38.2% (1.3022), 50.0% (1.3336), and 61.8% (1.3650) Fibo. Support is at the low of 1.2007.

On H4, the upward movement can be seen in more detail after a convergence on the MACD. By now, the quotations have come over 38.2% Fibo and are nearing 50.0% (1.2618). Leaving these levels behind, the pair can reach 61.8% (1.2696) and 76.0% (1.2791), while the high of 1.2949 can act as the main resistance level. Local support is at the low of 1.2288.

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.