Fibonacci Retracements Analysis 04.02.2021 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after finishing the rising wave, AUDUSD is correcting to the downside and has already transformed the Flag-shaped channel into a proper bearish wave, just as expected; it has already reached 23.6% fibo. Later, it may continue towards 38.2% and 50.0% fibo at 0.7503 and 0.7405 respectively. The resistance is the high at 0.7820.
The H1 chart shows that the pair is forming a local pullback, which has already reached 23.6% fibo and may later continue towards 38.2%, 50.0%, and 61.8% fibo at 0.7662, 0.8692, and 0.7723 respectively. On the other hand, a breakout of the low at 0.7564 may result in a further mid-term correction.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is still forming a correctional uptrend after a convergence on MACD. The first wave is heading towards 23.6% fibo at 1.2985, while the next ones may reach 38.2% and 50.0% fibo at 1.3228 and 1.3426 respectively. The support is the low at 1.2589.
The H1 chart shows a correction in the form of a Triangle pattern. The first descending wave has already reached 50.0% fibo at 1.2735. Later, the pair may resume growing towards the high at 1.2881.