Fibonacci analysis for AUDUSD and USDCAD as of 31.10.2019
4-hour chart of the AUDUSD pair shows the continuation of the upward trend after a short-term rollback. To date, quotes have surpassed 38.2% on the Fibonacci scale. The following growth targets are set at 50.0% (0.6983) and 61.8% (0.7056). We should also pay attention to the formation of divergence on the MACD, which may indicate the possibility of decline after the approach to the nearest target level.
On the 1-hour chart of the AUDUSD pair we can see that due to the fast growth impulse the quotes entered the range of post-correction expansion of 138.2-161.8% Fibonacci (0.6911-0.6929). In the short term, a rollback can be expected, but there will be a recovery towards medium-term goals. Support is at 0.6809.
On the 4-hour timeframe of the USDCAD pair we see how the market corrected the last wave of decline with a fast growth impulse. The rise has reached the level of 50.0% on the Fibonacci scale, but now the quotes are falling backwards. Another growth impulse to the levels of 61.8% (1.3230) and 76.0% (1.3273) is not excluded. A breakdown of support at 1.3042 will open the way to a long-term low of 1.3015.
On the 1-hour USDCAD chart we can see the quotes roll back to 38.2% Fibonacci after a rapid rise.
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