Fibonacci Retracements Analysis 21.01.2022 (AUDUSD, USDCAD)

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the asset is moving to the downside after finishing the correctional uptrend at 50.0% fibo and divergence on MACD. One can expect another rising impulse towards 61.8% and 76.0% fibo at 0.7340 and 0.7420 but the main scenario implies a further downtrend to reach the low at 0.6991.

The H1 chart shows a more detailed structure of the current descending tendency, which has already tested 38.2% fibo twice. The next downside targets may be 50.0%, 61.8%, and 76.0% fibo at 0.7152, 0.7114, and 0.7069 respectively. The resistance is the high at 0.7314.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the price is still falling; right now, it testing 50.0% fibo. Later, after completing a slight pullback, the asset may continue trading downwards to reach 61.8% and 76.0% fibo at 1.2372 and 1.2237 respectively. The resistance is the high at 1.2963.

The H1 chart shows a more detailed structure of the current correction. After divergence on MACD, the growth has reached 23.6% fibo; the next upside targets may be 38.2% and 50.0% fibo at 1.2589 and 1.2631 respectively. A breakout of the local low at 1.2450 will indicate that the pullback is over and the asset may resume trading downwards.

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.