Fibonacci Retracements Analysis 08.08.2019 (AUDUSD, USDCAD)

08.08.2019

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the daily chart, after plummeting towards 76.0% fibo, AUDUSD is starting a new pullback, which is confirmed by the convergence on MACD. One of the targets is 61.8% fibo at 0.6833. After completing the pullback, the pair may continue falling to reach the long-term low at 0.6547.

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

In the H4 chart, the convergence made AUDUSD start a new correction to the upside, which has already reached 23.6% fibo and may continue towards 38.2% and 50.0% fibo at 0.6831 and 0.6880 respectively. The support is the low at 0.6677.

AUDUSD_H4
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, after breaking 50.0% fibo, the uptrend couldn’t reach 61.8% fibo at 1.3355. At the same time, there is a convergence on MACD, which is making USDCAD start a new decline. The first target is 23.6% fibo at 1.3266; the next ones – 38.2%, 50.0%, 61.8%, and 76.0% fibo at 1.3219, 1.3180, 1.3141, and 1.3095 respectively. The key target is the low at 1.3015.

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

In the H1 chart, USDCAD is trading downwards to reach 23.6% fibo at 1.3266.

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.