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Fibonacci Retracements Analysis 30.04.2020 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

Now it’s the high time to check the long-term scenario for AUDUSD. As we can see in the monthly chart, the convergence on MACD made the pair complete the downtrend and fall to break 76.0% fibo. At the same time, the price didn’t reach the key low 0.4773 but managed to update the current one at 0.5506 and then started a new long-term bullish phase. At the moment, the instrument is moving towards 23.6% fibo and may later continue growing to reach 38.2% and 50.0% fibo at 0.7633 and 0.8293 respectively.

AUDUSD_MN complete the downtrend and fall to break 76.0% fibo
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H4 chart, after completing a short-term pullback towards the local high at 0.6684, AUDUSD continue trading upwards. However, there might be a divergence on MACD, which indicates a possible pullback after the price reaches the high. The target of the pullback may be the current support, which is at 61.8% fibo at 0.6235

AUDUSD_H4 continue trading upwards
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, after rebounding from the resistance at 23.6% fibo at 1.4262, USDCAD is trading downwards. The downside targets may be 50.0% and 61.8% fibo at 1.3808 and 1.3606 respectively.

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

In the H1 chart, the descending wave has almost reached the low at 1.3855. The next downside targets may be not only mid-term 50.0% and 61.8% fibo at 1.3808 and 1.3606 respectively, but also the post-correctional extension area between 138.2% and 161.8% fibo at 1.3700 and 1.3602 respectively.

USDCAD_H1 has almost reached the low at 1.3855
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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