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Fibonacci Retracements Analysis 17.12.2020 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the daily chart, the long-term uptrend continues. AUDUSD is forming another rising wave, which is approaching the long-term 38.2% fibo at 0.7634. The next upside target may be 50.0% fibo at 0.8292. However, one can see a divergence on MACD, which may hint at a new pullback towards the support area at 23.6% fibo (0.6820).

Fibonacci Retracements Analysis 17.12.2020 AUDUSD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H4 chart, AUDUSD is entering the post-correctional extension area between 138.2% and 161.8% fibo at 0.7574 and 0.7675 respectively. At the same time, there is a divergence on MACD, which may indicate a possible pullback after the asset reaches its long-term upside target. The pullback may head towards 23.6%, 38.2%, and 50.0% fibo at 0.7482, 0.7388 and 0.7312 respectively.

Fibonacci Retracements Analysis 17.12.2020 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”

As we can see in the daily chart, USDCAD has reached 76.0% fibo. A pretty significant level. The next target of the dominating tendency may be the fractal at 1.2061. At the same time, there is a convergence on MACD, which may hint at a new pullback towards 50.0% fibo at 1.3365.

Fibonacci Retracements Analysis 17.12.2020 USDCAD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H4 chart, after reaching the target and a convergence on MACD, the pair is returning to the previous post-correctional extension area between 138.2% and 161.8% fibo at 1.2831 and 1.2732 respectively. However, the key correctional targets will be 23.6%, 38.2%, and 50.0 fibo at 1.2853, 1.2957, and 1.3039 respectively.

Fibonacci Retracements Analysis 17.12.2020 USDCAD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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