Fibonacci Retracements Analysis 07.11.2019 (AUDUSD, USDCAD)

07.11.2019

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the divergence made the pair complete its growth at 38.2% fibo and start a new descending movement. After finishing the correction, the instrument may continue its ascending tendency to reach the current high at 0.6929 and then mid-term 50.0% fibo at 0.6983.

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

The H1 chart shows more detailed structure of the current correction. By now, the descending wave has already reached 23.6% fibo and may yet continue towards 38.2%, 50.0% and 61.8% fibo at 0.6829, 0.6800, and 0.6769 respectively.

AUDUSD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, USDCAD is forming a new ascending impulse after completing the correction at 50.0% fibo. If the pair breaks the high at 1.3208, the instrument may continue the bullish trend towards 61.8% and 76.0% fibo at 1.3230 and 1.3273 respectively.

USDCAD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair is getting close to the high at 1.3208.

USDCAD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.