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Fibonacci Retracements Analysis 22.10.2021 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, convergence on MACD made the pair start a new rising wave, which, after reaching 50.0% fibo, was followed by another pullback. After the pullback is over, the asset may resume growing to complete the correctional phase at 61.8% fibo (0.7591). Later, the market may reverse and start another decline towards the low and the mid-term 38.2% fibo at 0.7106 and 0.7052 respectively.

Fibonacci Retracements Analysis 22.10.2021 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 that the start of a new correctional decline, which has already reached 23.6% fibo and may later continue towards 38.2% and 50.0% fibo at 0.7402 and 0.7358 respectively. A breakout of the local resistance at 0.7546 will complete the correction and lead to a further uptrend.

Fibonacci Retracements Analysis 22.10.2021 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, convergence on MACD made the pair stop falling at 61.8% fibo and start a new movement to the upside, which may be the start of another long-term rising wave to break the high at 1.2949 and reach 38.2% fibo at 1.3022. At the same time, an alternative scenario implies one more descending impulse towards 76.0% fibo at 1.2233.

Fibonacci Retracements Analysis 22.10.2021 USDCAD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a more detailed structure of the current ascending movement after convergence on MACD. The closest upside targets are 23.6%, 38.2%, and 50.0% fibo at 1.2403, 1.2474, and 1.2531 respectively. The support is the low.

Fibonacci Retracements Analysis 22.10.2021 USDCAD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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