Fibonacci Retracements Analysis 04.03.2021 (AUDUSD, USDCAD)

04.03.2021

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the daily chart, after breaking 38.2% fibo, the asset has failed to reach 50.0% fibo at 0.8292. Right now, there is a divergence on MACD, which indicates that the pair is about to start a new pullback towards the support at 23.6% fibo (0.6820). After the pullback is over, the instrument may form a new rising impulse to reach 50.0% and 61.8% fibo at 0.8292 and 0.8946 respectively.

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

The H4 chart shows that a quick descending wave after the price reached the post-correctional extension area between 138.2% and 161.8% fibo at 0.7918 and 0.7978 respectively. The first descending wave has managed to reach and test 23.6% fibo, while the next one may continue towards 38.2%, 50.0%, and 61.8% fibo at 0.7619, 0.7500, and 0.7379 respectively.

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”

The H4 chart shows that after attempting to enter the post-correctional extension area between 138.2% and 161.8% fibo at 1.2477 and 1.2409 respectively, the asset has rebounded very quickly. This growth may be considered as the start of a new correction. The local upside target is at 1.2881, while the key ones are 23.6% and 38.2% fibo at 1.2987 and 1.3310 respectively.

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

As we can see in the H1 chart, the pair is correcting downwards after finishing the ascending impulse, which, in its turn, was a correction of the previous decline. After completing the pullback, the instrument may resume trading upwards to reach 76.0% fibo at 1.2782 and then the fractal high at 1.2881.

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

Attention!

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