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Fibonacci Retracements Analysis 03.12.2020 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

On D1, there is along-term uptrend developing. Another wave of growth after a correction approached the high of 0.7414 and is trying to break through it. Such a breakaway will open a pathway to 38.2% (0.7634) and 50.0% (0.8292) Fibo. Meanwhile, a divergence forming on the MACD suggests a potential pullback and a decline to the local support level of 23.6% (0.6820).

Fibonacci Retracements Analysis 03.12.2020 AUDUSD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On H4, we can see the dynamics of the wave of growth, test of the high, and divergence in more detail. After breaking through the high, the quotations might proceed to the post-correctional extension range of 138.2-161.8% (0.7574-0.7675), inside which a medium-term level of 38.2% (0.7634) Fibo also rests. A divergence forming might take the price down to 0.7253.

Fibonacci Retracements Analysis 03.12.2020 AUDUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCAD, “US Dollar vs Canadian Dollar”

On H4, not much has changed; however, the pair did renew the last low. The wave of decline is still aimed at the post-correctional extension range of 138.2-161.8% (1.2831-1.2732) Fibo. The main resistance level is still at the fractal peak of 1.3420, and the local one – 1.3157.

Fibonacci Retracements Analysis 03.12.2020 USDCAD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On H1, we can witness the price testing the low of 1.2928. A breakaway of the low will let the price decline to the short-term post-correctional extension area of 138.2-161.8% (1.2835-1.2777) Fibo.

Fibonacci Retracements Analysis 03.12.2020 USDCAD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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