Fibonacci Retracements Analysis 22.02.2018 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after failing to continue the uptrend, AUDUSD has started a new descending impulse. The closest downside target is the low at 0.7758. After breaking the low, the instrument may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7670 and 0.7616 respectively. The resistance level is at 0.7988.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
In the H1 chart, AUDUSD is steadily trading downwards to reach the short-term target at 0.7758.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after finishing the descending correction, USDCAD has formed a new ascending impulse and right now is testing the high in order to break it. The next targets of this uptrend may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2778 and 1.2834 respectively. However, we can see the divergence being formed, which means that the price may start another correction after reaching its upside targets.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
In the H1 chart, we can see the uptrend and the convergence. All this may indicate a possible short-term correction to the downside towards the retracements of 38.2% and 50.0% at 1.2642 and 1.2620 respectively.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
RoboForex Analytical Department
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.