Fibonacci Retracements Analysis 10.09.2020 (AUDUSD, USDCAD)

10.09.2020

AUDUSD, “Australian Dollar vs US Dollar”

On H4, the wave of correctional decline is coming to an end, almost reaching 61.8% Fibo (0.7130). The aim of further growth is 76.0% (0.7504). Waiting for a reversal or a deep pullback, have a look at the divergence. While the key support is now at 50.0% (0.6822), after the growth to 76.0% (0.7504), the support will move to 61.8% Fibo (0.7130).

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

On H1, the wave of decline after a divergence reached 76.0% Fibo. However, after a convergence on the MACD, the new impulse of growth reached 38.2% of the preceding decline. Next, the quotations may go on growing to 50.0% (0.7303), 61.8% (0.7329), and 76.0% (0.7361), but the main goal will be the high of 0.7414.

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”

On H4, the market is developing correctional growth after a convergence. The last impulse of growth came close to 38.2% (1.3270) but the quotations pushed off it and started falling. After a short pullback, we should expect new growth to 50.0% (1.3361) and 61.8% (1.3439) Fibo. The support is at the fractal low of 1.2994.

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

On H1, USDCAD is pulling back after an impulse of growth. The quotations are aiming at 61.8% (1.3126) and 76.0% (1.3095). However, if the quotations break through 1.3044, they may fall to the fractal support. The resistance is at the high of 1.3259.

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.