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Fibonacci Retracements Analysis 16.07.2021 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

In the H4 chart, there is a steady descending movement towards 61.8% fibo at 0.7379. At the same time, we can see divergence on MACD, which may indicate a possible short-term pullback to the upside. In the future, this pullback may be followed by another descending wave to reach 76.0%% fibo at 0.7236. The resistance is the high at 0.8007.

Fibonacci Retracements Analysis 16.07.2021 AUDUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart of AUDUSD shows potential correctional targets convergence on MACD, which are 23.6%, 38.2%, and 50.0% fibo at 0.7524, 0.7594, and 0.7651 respectively. A breakout of the low at 0.7411 will result in a further downtrend.

Fibonacci Retracements Analysis 16.07.2021 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 breaking 76.0% fib, USDCAD is approaching the fractal high at 1.2654. At the same time, there is divergence on MACD, which may indicate a new pullback. The support remains at the low at 1.2007.

Fibonacci Retracements Analysis 16.07.2021 USDCAD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows potential correctional targets in more details. The targets are 23.6%, 38.2%, and 50.0% fibo at 1.2471, 1.2382, and 1.2310 respectively. The local resistance is at 1.2614.

Fibonacci Retracements Analysis 16.07.2021 USDCAD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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