Fibonacci Retracements Analysis 17.08.2017 (AUD/USD, USD/CAD)

17.08.2017

AUD USD, “Australian Dollar vs US Dollar”

At the H4 chart, we can see that the AUD/USD pair has been corrected to the downside by 50.0%; the downtrend has been corrected by 50.0% as well. The next targets of this correction may be the retracements of 61.8% and 76.0% % at 0.7966 and 0.8004 respectively. The current growth may be considered as another ascending impulse. After breaking the local high at 0.8066, the price may continue growing to reach the next targets between the retracements of 138.2% and 161.8% at 0.8163 and 0.8223 respectively.

At the H1 chart, the situation is the same. The pair is steadily moving inside the uptrend.

 

USD/CAD, “US Dollar vs Canadian Dollar”

At the H4 chart, the divergence and the strong impulse movement towards the retracements of 50.0%, 61.8%, and 76.0% at 1.2595, 1.2551, and 1.2501 respectively indicates that the ascending correction is probably about to finish. However, to confirm that the correction is really over, the price has to break the local low at 1.2411. In this case, the main downside targets will be the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2276 and 1.2191 respectively.

At the H1 chart, the situation is similar. The pair is steadily moving inside the downtrend. The closest downside targets are at 1.2551 and 1.2501.

 

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.