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Fibonacci Retracements Analysis 06.08.2020 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

In the H4 chart, after breaking the high at 0.7064 and then reaching the long-term 61.8% fibo, AUDUSD continues testing the area around it. The next upside target may be 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 06.08.2020 AUDUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

As we can see in the H1, AUDUSD is testing the upside border of the post-correctional extension area between 138.2% and 161.8% fibo at 0.7174 and 0.7241 respectively. The local divergence confirms a possible pullback. In this case, the downside targets may be 23.6%, 38.2%, and 50.0% fibo at 0.7145, 0.7085, and 0.7036 respectively. The resistance is the high at 0.7241.

Fibonacci Retracements Analysis 06.08.2020 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, after completing a short-term pullback, USDCAD has broken the low at 1.3315. Later, the instrument may 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. The key resistance is at 1.3715.

Fibonacci Retracements Analysis 06.08.2020 USDCAD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a descending wave towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3164 and 1.3066 respectively. The local resistance is at 1.3315.

Fibonacci Retracements Analysis 06.08.2020 USDCAD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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