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Fibonacci Retracements Analysis 20.02.2020 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

On H4, the pair demonstrates the development of a downtrend after a breakout of an important low. The goals of the decline are inside the post-correctional extension area 138.2-161.8% (0.6532-0.6447) Fibo. The resistance is at 0.6758.

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

On H1, the quotations are approaching the local target post-correctional extension area 138.2-161.8% (0.6628-0.6608) Fibo. With the development of the downtrend, we may notice a convergence forming, which may signal a pullback.

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”

On H4, the pair demonstrates a decline as a correction of the previous uptrend. The quotations have reached 23.6% and may further decline to 38.2% (1.3184) and 50.0% (1.3140) Fibo. The resistance is at the high of 1.3329.

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

On H1, the correctional decline can be seen in more detail. The quotations are aimed at 38.2% (1.3184) Fibo.

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


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