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Fibonacci Retracements Analysis 26.03.2020 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the weekly chart, after completing a strong descending impulse, AUDUSD has started a new rising correction. However, judging by the technical characteristics of the tendency, the decline is not over yet, hence the pullback may be followed by a new descending impulse with the target 261.8% fibo at 0.5335. The resistance is still at 61.8% fibo (0.7180).

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

The H4 chart shows more detailed structure of the current correction. After breaking 38.2% fibo and attempting to reach 50.0% fibo at 0.6098, AUDUSD has rebounded from the latter level; right now, it is moving downwards. One can’t exclude the possibility of a new rising impulse towards 50.0% and 61.8% fibo at 0.6098 and 0.6237 respectively, but a bearish scenario seems more probable. The support is the low at 0.5506.

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”

The daily chart shows a new correction after the pair completed a quick rising impulse and reached the long-term high at 1.4690. If the price breaks this level, it may continue growing to reach the post-correctional extension area between 138.2% and 161.8% fibo at 1.5693 and 1.6325 respectively. However, by now, the instrument has corrected to the downside by 23.6%.

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

As we can see in the H4 chart, the correctional channel is getting narrow. There are chances that the market may break the downside border of a Triangle pattern and reach 38.2% and 50.0% fibo at 1.4010 and 1.3811 respectively. The resistance is at 1.4668.

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


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