Fibonacci Retracements Analysis 09.01.2020 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the divergence made AUDUSD reverse after reaching 61.8% fibo at 0.7056; it fell down to 50.0% fibo and then stopped for a correction. The next downside targets are 61.8% and 76.0% fibo at 0.6808 and 0.6757 respectively, but the key target is the low at 0.6670. The resistance is the high at 0.7032.

In the H1 chart, the convergence on MACD made the price reverse at 50.0% fibo and start a new correction. The closes target is 38.2% fibo at 0.6894.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the daily chart, a strong bearish impulse updated the lows last week to break through the long sideways channel and continue the descending tendency. The downside targets are 50.0% and 61.8% fibo at 1.2864 and 1.2676 respectively. At the same time, there is a convergence on MACD, which may indicate a new pullback. The resistance is 23.6% at 1.3285.

The H4 chart shows a new rising correction after a local convergence on MACD. By now, the pair has already reached 23.6% fibo and may continue towards 38.2% and 50.0% fibo at 1.3095 and 1.3140 respectively. if the price breaks the low at 1.2951, the correction will be over.