Fibonacci Retracements Analysis 06.06.2019 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, there was a convergence on MACD, which made AUDUSD start a new rising correction. The next upside target may be the retracements of 50.0% and 61.8% at 0.7035 and 0.7075 respectively. After finishing the pullback, the instrument may resume falling towards the low at 0.6865 and the retracement of 61.8% at 0.6833.

In the H1 chart, AUDUS is forming a short-term correction, which has already reached the retracement of 38.2%. The next downside targets may be the retracements of 50.0% and 61.8% at 0.6952 and 0.6939 respectively. if the price breaks the high at 0.7007, the instrument may continue growing.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the divergence made USDCAD start a new decline, which has already reached the retracement of 38.2%. The next targets may be the retracements of 50.0% and 61.8% at 1.3316 and 1.3258 respectively. The resistance level is the high at 1.3565.

In the H1 chart, there was a divergence on MACD, which made the pair start a new short-term pullback. By now, it has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2% and 50.0% at 1.3439 and 1.3463. If the price breaks the support level at 1.3362, the mid-term downtrend may continue.