Fibonacci Rentracements Analysis 20.07.2017 (AUD/USD, USD/CAD)

AUD/USD

The H4-chart of AUD/USD shows continuation of the current uptrend. After a downside correction towards 0.7566 occured, an ascending impulse took place which went beyond the 261.8% Fibo elongation. In the short-term, a downward correction towards 38.2% Fibo level can be expected which corresponds to 0.7831 mark. Then the market can go to 50.0%, and after that it can hit 61.8% (0,7737 mark). After a correction of the ascending impulse is over, a new impulse can form within the prevailing tendency, and this will have 0.8166 mark as its target.

The H1-chart of AUD/USD pair shows a divergence being formed, and this in turn confirms a possible correction downward move. The 23.6% level has already been hit and the Fibo levels 38,2%, 50,0% and 61,8% (0.7832, 0.7786 and 0.7739 correspondingly) can be the next target areas for the current descending move.

USD/CAD

The H4-chart of USD/CAD pair shows a convergence being formed, and this can be a signal for a possible correction rise. The nearest target for this correction are 23.6% and 38.2% Fibo levels (1.2774 and 1.2882 marks correspondingly).

The H1-chart of USD/CAD pair has suggested a possible reversal convergence pattern. This convergence pattern may suggest a possible upward rebound starting at the last descending micro-impulse. Thus, the 23.6% level (1.2662) can be the nearest target for the correction upward move. The Fibo level 50.0% (1.2759) can be deemed the main target for this rise.