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Fibonacci Retracements Analysis 30.07.2020 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

In the H4 chart, after breaking the high at 0.7064, AUDUSD has reached the long-term 61.8% fibo at 0.7129 and right now is trying to fix there. Later, the market may continue moving towards 76.0% fibo at 0.7503. At the same time, the MACD indicator is forming a divergence, which may hint at a possible correction to the downside soon. The closest correctional target may be 50.0% fibo at 0.6820.

Fibonacci Retracements Analysis 30.07.2020 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, which is trying to re-enter the post-correctional extension area between 138.2% and 161.8% fibo at 0.7174 and 0.7241 respectively. One should also pay attention to a local divergence and a possible pullback. In this case, the downside targets may be 23.6%, 38.2%, and 50.0% fibo at 0.7111, 0.7058, and 0.7104 respectively. The local resistance is the high at 0.7197.

Fibonacci Retracements Analysis 30.07.2020 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”

As we can see in the H4 chart, USDCAD is heading to break the low at 1.3315 but doesn’t seem to be strong enough to succeed. There is a local convergence on MACD, which may indicate a new rising impulse towards the resistance at 1.3715. At the same time, the instrument may yet break the low and then continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3164 and 1.3066 respectively and then the fractal low at 1.2951.

Fibonacci Retracements Analysis 30.07.2020 USDCAD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a slow decline towards the low at 1.3315 along with a convergence on MACD. If the pair corrects to the upside, the closest target will be the resistance at 61.8% fibo (1.3468). In case the price fixes above this level, the instrument may continue trading upwards to reach 1.3715.

Fibonacci Retracements Analysis 30.07.2020 USDCAD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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