Fibonacci Retracements Analysis 18.10.2018 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD is being corrected and has already reached the retracement of 38.2%. The next possible target may be the retracement of 5008% at 0.7178. The key support level is at 0.7041.

In the H1 chart, the divergence made the pair reverse and start a new descending correction, which has already reached the retracement of 38.1%. The next targets may be the retracements of 50.0%, 61.8%, and 76.0% at 0.7101, 0.7088, and 0.7071 respectively. if the price breaks the high at 0.7159, the instrument will continue growing.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, USDCAD is forming a new rising impulse, which is heading towards the retracements of 50.0%, 61.8%, and 76.0% at 1.3038, 1.3155, and 1.3240 respectively. In case the price breaks the major support level at 1.2782, the downtrend may continue towards the retracement of 61.8% at 1.2683.

In the H1 chart, the correctional uptrend is heading towards the retracement of 50.0% and 61.8% at 1.3083 and 1.3155 respectively.