Fibonacci Retracements Analysis 01.11.2018 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the daily chart, the convergence is about to complete the long-term downtrend and make AUDUSD start a new trend to the upside. The possible targets may be the retracements of 23.6%, 38.2%, and 5008% at 0.7284, 0.7446, and 0.7578 respectively. The support level is the low at 0.7021.

The H4 chart shows the uptrend as a correction of the previous mid-term downtrend. AUDUSD is trading upwards to reach the retracements of 50.0%, 61.8%, and 76.0% at 0.7168, 0.7202, and 0.7245 respectively.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the divergence is finishing the uptrend; it is making USDCAD reverse and start a new descending correction. The possible targets will be the retracements of 23.6%, 38.2%, 50.0%, and 61.8% at 1.3079, 1.3022, 1.2976, and 1.2930 respectively. The resistance level is the high at 1.3170.

In the H1 chart, the divergence made the pair reverse and start a new downtrend. The closest target is the retracement of 23.8% at 1.3079.