Fibonacci Retracements Analysis 05.07.2018 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the convergence made AUDUSD reverse and start a new correction upwards, which has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2%, 50.0%, and 161.8% at 0.7450, 0.7493, and 0.7536 respectively. The support level is the low at 0.7310.
In the H1 chart, the pair is trading sideways and may reach the retracement of 38.2%.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is being corrected downwards and has already reached the retracement of 50.0%. The next possible targets are the retracements of 61.8% and 76.0% at 1.3057 and 1.2983 respectively. The resistance level is at 1.3386.
In the H1 chart, the convergence made the pair complete the downtrend and start moving sideways towards the retracements of 23.6%, 38.2%, and 50.0%.
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.