Fibonacci Retracements Analysis 12.12.2019 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the convergence made AUDUSD start a new rising wave to reach the high at 0.6929. If the price breaks it, the uptrend will continue towards the long-term target at 50.0% (0.6985).
The H1 chart shows more detailed structure of the current correctional uptrend, which has already reached 76.0% fibo. Right now, the pair is expected to form a new pullback towards the local support at 50.0% fibo (0.6841).
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the bearish tendency continues. After completing the pullback towards the resistance at 23.6% fibo (13261), USDCAD is forming another descending impulse. The next downside targets may be 61.8% and 76.0% fibo at 1.3151 and 1.3111 respectively. However, the key target is the low at 1.3042.
The H1 chart shows more detailed structure of the current descending tendency. As we can see, the pair is getting close to the target, which is 61.8% fibo at 1.3151.