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Fibonacci Retracements Analysis 20.08.2021 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

In the daily chart, the asset is forming a quick descending wave inside the downtrend. After testing 23.6% fibo from below, AUDUSD is approaching 38.2% at 0.7052 and may later continue trading towards 50.0% and 61.8% fibo at 0.6758 and 0.6464 respectively. The key resistance is the high at 0.8007.

Fibonacci Retracements Analysis 20.08.2021 AUDUSD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart of AUDUSD shows divergence on MACD, which may indicate a potential correctional rebound after the price 38.2% fibo at 0.7052. the correctional targets may be 23,6%, 38.2%, and 50.0% at 0.7141, 0.7195, and 0.7239 respectively.

Fibonacci Retracements Analysis 20.08.2021 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 daily chart, the pair is moving upwards, thus forming a new wave to the upside with the targets at 38.2%, 50.0%, and 61.8% fibo at 1.3022, 1.3336, and 1.3650 respectively. The key support remains at the low at 1.2007.

Fibonacci Retracements Analysis 20.08.2021 USDCAD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H4 chart, after completing the descending correction at 50.0% fibo, the asset has broken its previous high. At the moment, the pair is trading towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.2953 and 1.3044 respectively. The support is the fractal low at 1.2422.

Fibonacci Retracements Analysis 20.08.2021 USDCAD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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