Fibonacci Retracements Analysis 04.06.2020 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the daily chart, AUDUSD is moving within the uptrend after the convergence. It has already broken 50.0% fibo and may soon reach 61.8% fibo at 0.7129. This scenario is confirmed by the MACD lines. The key support is 38.2% fibo at 0.6510.

In the H4 chart, a breakout of 50.0% fibo was followed by a divergence on MACD, which may indicate a possible pullback soon. The downside targets may be at 23.6%, 38.2%, and 50.0% fibo at 0.6635, 0.6418, and 0.6245 respectively. The resistance is the high at 0.6983.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the descending tendency continues. After breaking 61.8% fibo, USDCAD may continue moving to reach 76.0% fibo at 1.3363. If the price breaks this level, it may fall to reach the low at 1.2951. And even a test of the low will indicate further decline in the mid-term.

In the H1 chart, there is a convergence on MACD while the pair is trading downwards to reach 76.0% fibo at 1.3363. The convergence may indicate a possible pullback or reversal.