Fibonacci Retracements Analysis 03.12.2021 (AUDUSD, USDCAD)

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, after breaking the low at 0.7106, AUDUSD is re-testing the long-term 38.2% fibo at 0.7052. The resistance is the local high at 0.7556. Convergence on MACD indicates a possible pullback soon.

In the H1 chart, the pair may start a new correction after reaching 38.2% fibo at 0.7052 and convergence on MACD. The upside correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 0.7172, 0.7244, and 0.7304 respectively.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after breaking 76.0% fibo, the mid-term rising wave in USDCAD continues moving towards the high at 1.2949. Moreover, a breakout of the high will lead to a further uptrend to reach the long-term 38.2% fibo at 1.3022. The support is the low at 1.2288. Divergence on MACD hints at a possible correction soon.

The H1 chart shows the potential correctional targets after divergence on MACD – 23.6%, 38.2%, and 50.0% fibo at 1.2707, 1.2627, and 1.2563 respectively. A breakout of the local resistance at 1.2837 will result in a further uptrend.

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.