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Fibonacci Retracements Analysis 02.07.2020 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

The H4 chart shows the correctional channel, which has been taking place for about a month. After reaching the long-term 61.8% fibo at 0.7129, AUDUSD started a new decline, which was stopped at the mid-term 50.0% fibo. The key downside targets are 23.6%, 38.2%, and 50.0% fibo at 0.6697, 0.6469, and 0.6286 respectively. If the pair breaks the high at 0.7064, the instrument may resume the uptrend.

Fibonacci Retracements Analysis 02.07.2020 AUDUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows another ascending impulse after the convergence, which may reach 76.0% fibo at 0.6995. If the price breaks the support at 0.6776, it may resume the mid-term downtrend.

Fibonacci Retracements Analysis 02.07.2020 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”

The H4 chart shows a pullback after the divergence. The first rising impulse has reached 23.6% fibo and may later jump towards 38.2%, 50.0%, and 61.8% fibo at 1.3832, 1.3991, and 1.4151 respectively. The support is the low at 1.3315.

Fibonacci Retracements Analysis 02.07.2020 USDCAD_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 descending correctional movement after the divergence on MACD. The descending wave has reached 38.2% fibo and may later continue towards 50.0% fibo at 1.3515. If the price breaks the resistance at 1.3715, the mid-tern uptrend may resume.

Fibonacci Retracements Analysis 02.07.2020 USDCAD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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