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Fibonacci Retracements Analysis 09.01.2020 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the divergence made AUDUSD reverse after reaching 61.8% fibo at 0.7056; it fell down to 50.0% fibo and then stopped for a correction. The next downside targets are 61.8% and 76.0% fibo at 0.6808 and 0.6757 respectively, but the key target is the low at 0.6670. The resistance is the high at 0.7032.

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

In the H1 chart, the convergence on MACD made the price reverse at 50.0% fibo and start a new correction. The closes target is 38.2% fibo at 0.6894.

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 daily chart, a strong bearish impulse updated the lows last week to break through the long sideways channel and continue the descending tendency. The downside targets are 50.0% and 61.8% fibo at 1.2864 and 1.2676 respectively. At the same time, there is a convergence on MACD, which may indicate a new pullback. The resistance is 23.6% at 1.3285.

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

The H4 chart shows a new rising correction after a local convergence on MACD. By now, the pair has already reached 23.6% fibo and may continue towards 38.2% and 50.0% fibo at 1.3095 and 1.3140 respectively. if the price breaks the low at 1.2951, the correction will be over.

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


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