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Fibonacci Retracement Analysis 12.11.2021 AUDUSD, USDCAD

AUDUSD, Australian Dollar vs US DollarOn H4, a phase of correctional growth stopped above 50.0, failing just a bit to reach 61.8 0.7591 Fibo. Now a new wave of decline is aiming at the last low of 0.7106. After a breakaway, the quotations can head for the mediumterm level of 38.2 0.7052.On H1, a wave of decline is testing 61.8 and can go over it to 76.0 0.7215 Fibo. With such a technical picture, note a convergence forming on the MACD, which might indicate a shortterm pullback after the target level is reached. The main resistance is at the high of 0.7556.USDCAD, US Dollar vs Canadian DollarOn D1, there is another wave of the bullish phase after a correctional decline. The aims of the new wave will be 38.2 1.3022, 50.0 1.3336, and 61.8 1.3650 Fibo. Support is at the low of 1.2007.On H4, the upward movement can be seen in more detail after a convergence on the MACD. By now, the quotations have come over 38.2 Fibo and are nearing 50.0 1.2618. Leaving these levels behind, the pair can reach 61.8 1.2696 and 76.0 1.2791, while the high of 1.2949 can act as the main resistance level. Local support is at the low of 1.2288.

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