Fibonacci Retracements Analysis 14.01.2022 (AUDUSD, USDCAD)

January 14, 2022

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the daily chart, the asset is still moving to the upside after testing 38.2% fibo and convergence on MACD. This movement should be considered as a short-term ascending correction, which may later be followed by a further downtrend towards 50.0% fibo at 0.6758. The key resistance remains at the high at 0.8007.

AUDUSD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H4 chart shows a more detailed structure of the current correctional uptrend, which has already broken 50.0% fibo. The next upside targets may be 61.8% and 76.0% fibo at 0.7340 and 0.7420 respectively. At the same time, there is divergence on MACD, which may indicate that the pullback may be over soon. The support is the low at 0.6991.

AUDUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the daily chart, after updating the high, the asset is correcting downwards. After completing the pullback, USDCAD may resume its mid-term uptrend towards 38.2% and 50.0% fibo at 1.3023 and 1.3336 respectively. The key support remains at the low at 1.2007.

USDCAD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H4 chart shows a more detailed structure of the current decline. After divergence on MACD, the decline has reached 50.0% fibo; the next downside targets may be 61.8% and 76.0% fibo at 1.2372 and 1.2237 respectively. A breakout of the local resistance at 1.2963 will result in a further uptrend.

USDCAD_H4

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.