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Fibonacci Retracements Analysis 11.06.2020 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has got very close to 61.8% fibo at 0.7129 but the divergence on MACD indicates that the uptrend is over. In the short-term, one can expect the pair to fall towards 23.6%, 38.2%, 50.0%, and 61.8% fibo at 0.6697, 0.6484, 0.6287, and 0.6102 respectively. If the pair breaks the resistance at 0.7064, the instrument may resume the uptrend.

Fibonacci Retracements Analysis 11.06.2020 AUDUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a more detailed structure of the trend reversal after the divergence on MACD. The closest downside targets may be at 23.6% and 38.2% fibo at 0.6697 and 0.6484 respectively.

Fibonacci Retracements Analysis 11.06.2020 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 descending wave has tested 76.0% fibo while MACD is forming a convergence, which may indicate a possible trend reversal. If the price breaks the current resistance at 61.8% fibo (1.3607), USDCAD will reverse and start a new rising wave to reach the high at 1.4668.

Fibonacci Retracements Analysis 11.06.2020 USDCAD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, there is a convergence on MACD and the pair is reversing to start a new growth. The closest upside targets may be 23.6% and 38.2% fibo at 1.3634 and 1.3832 respectively. The support is the low at 1.3315.

Fibonacci Retracements Analysis 11.06.2020 USDCAD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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