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Fibonacci Retracements Analysis 05.03.2020 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, after reaching the post-correctional extension area between 138.2% and 161.8% fibo at 0.6532 and 0.6447 respectively, the pair started a new correctional uptrend, which has already reached 23.6% fibo and is trying to test the resistance at 0.6671. the next upside targets may be 38.2% and 50.0% fibo at 0.6763 and 0.6864 respectively.

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

In the H1 chart, AUDUSD is forming a short-term correction in the form of a Triangle pattern below 23.6% fibo.

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, the divergence made the pair start a new decline, which, after reaching 23.6%, has rebounded and right now is trying to move sideways. If this rebound transforms into a new growth, the price may break the high at 1.3465 and grow towards 76.0% fibo at 1.3492. However, if the descending tendency continues, the targets will be 38.2%, 50.0%, and 61.8% fibo at 1.3269, 1.3208, and 1.3148 respectively.

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

In the H1 chart, there have been several tests of 23.6% fibo. Right now, the pair is trying to trade towards the high at 1.3465.

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


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