Fibonacci Retracements Analysis 06.09.2018 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the downtrend continues. After breaking the previous low, AUDUSD continued moving towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7134 and 0.7091 respectively. At the same time, the convergence is being formed, which may indicate a pullback upwards after the price reaches its downside targets. The possible targets of this rising pullback may be the retracements of 23.6%, 38.2%, 50.0%, and 61.8% at 0.7177, 0.7230, 0.7273, and 0.7316 respectively.

The H1 chart shows more detailed structure of the current movement.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, USDCAD is being corrected to the upside towards the retracement of 76.0%. The main target is the high at 1.3386. The support level is at 1.3004.

In the H1 chart, the pair is trading upwards to reach 1.3267. At the same time, the divergence is being formed, which may indicate a new correction downwards after the instrument reaches it upside targets. The possible targets of a new descending correction may be the retracements of 23.6%, 38.2%, and 50.0% at 1.3176, 1.3122, and 1.3076 respectively.