Fibonacci Retracements Analysis 18.04.2019 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD is trading upwards; it has already tested the retracement of 61.8%. The next upside target may be the retracement of76.0% at 0.7225. The support level is the retracement of 38.2% at 0.7115. At the same time, there is a divergence on MACD, which may indicate a possible reverse soon.

In the H1 chart, there was a divergence on MACD, which made the pair reverse after reaching the retracement of 61.8% and start a new correction downwards. By now, the price has already been corrected by 23.6%. The next downside targets may be the retracements of 38.2% and 50.0% at 0.7147 and 0.7128 respectively. At the same time, the local resistance is at 0.7205.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, USDCAD continue forming the correctional Triangle; right now, it is moving between resistance and support levels, which are the retracements of 23.6% and 61.8% respectively. The next rising impulse will be heading to break the high at 1.3467. If the price breaks the Triangle to the upside, the instrument may continue growing to reach the retracement of 76.0% at 1.3522. Otherwise, the price may resume falling to reach the other retracement of 76.0% at 1.3202.

In the H1 chart, the convergence made USDCAD start a new rising correction; which has already reached the retracement of 50.0% at 1.3363. The next target may be the retracement of 61.8% at 1.3383. The support level is the low at 1.3274.