Fibonacci Retracements Analysis 05.12.2019 (AUDUSD, USDCAD)

December 5, 2019

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the correctional downtrend seems to have completed a bit lower than 61.8% fibo, but one shouldn’t expect it to continue towards 76.0% fibo at 0.6732. After the convergence on MACD, the price is forming a new rising wave towards the high at 0.6929. if the pair breaks it, the instrument may continue the ascending tendency to reach the long-term target at 50.0% (0.6983).

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

The H1 chart shows more detailed structure of the current correctional uptrend, which has already reached 61.8% fibo. Right now, the pair is forming a new pullback. The support is 23.6% fibo at 0.6794. After completing the pullback, the instrument may start another rising impulse to reach 76.0% fibo at 0.6887.


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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, the divergence made USDCAD finish its two-week sideways movement and start plunging. By now, it has already reached 50.0% and may later continue falling towards 61.8% and 76.0% fibo at 1.3151 and 1.3111 respectively. the key target is the low at 1.3042.

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

In the H1 chart, the pair has stopped its decline at 50.0% fibo. This may indicate a slowdown of the short-term tendency and a possible pullback in the nearest future.

USDCAD_H1

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.