Fibonacci Retracements Analysis 19.12.2019 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after updating the high, AUDUSD has started a new descending correction. The support is 23.6% fibo at 0.6818. After finishing the pullback, the instrument may start one more rising wave to break the high and then reach 50.0% and 61.8% fibo at 0.6982 and 0.7057 respectively.
In the H1 chart, the price is finishing the descending wave to start a new rising one. The short-term upside targets may be the high at 0.6938 and the post-correctional extension area between 138.2 and 161.8% fibo at 0.6976 and 0.7000 respectively. The local support is at 0.6838.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the bearish tendency has reached 76.9% fibo. The key target is still the low at 1.3042. At the same time, there is a convergence on MACD, which indicates a possible pullback soon. The resistance is 50.0% fibo at 1.3185.
The H1 chart shows more detailed structure of the current descending tendency. As we can see, the pair is trading close 76.0% fibo.