AUD/USD, USD/CAD Fibonacci Retracements Analysis
Dmitriy Gurkovskiy | Oct 08, 2020 04:37AM ET
AUD/USD
In the daily chart, the pair may grow to break the high at 0.7414 and then continue trading upwards to reach the long-term 76.0% fibo at 0.7504. However, taking into account a divergence on MACD, the instrument may yet resume falling. The first downside target is 23.6% fibo at 0.6963. After breaking it, the instrument may fall to reach 38.2% and 50.0% fibo at 0.6685 and 0.6459 respectively.
The H1 chart shows the correctional descending wave after a divergence on MACD, which has already reached 50.0% fibo. However, right now, the price is rebounding from this level and may later resume growing to reach the high at 0.7209. After breaking the high, AUD/USD may continue trading upwards to reach the mid-term 61.8% and 76.0% fibo at 0.7216 and 0.7263. The support is the low at 0.7006.
USD/CAD
As we can see in the daily chart, after rebounding from 23.6% fibo, the pair is correcting downwards. After the pullback is over, the next upside target will be 38.2% and 50.0% fibo at 1.3634 and 1.3831 respectively. The support is the fractal low at 1.2994.
The H4 chart shows the descending correction, which is trying to test 38.2% fibo and may later continue falling towards 50.0% and 61.8% fibo at 1.3207 and 1.3157 respectively. Still, if the price breaks the high at 1.3420, the correction will be over and then instrument may continue its mid-term growth towards 38.2% fibo at 1.3634.
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