Fibo Analysis: AUD/USD and USD/CAD, 20.09.2018
AUD/USD
On H4, the AUDUSD is forming an ascending trend after converging. The nearest uptrend targets are 23.6% (0.7333) and 38.2% (0.7487), with the low at 0.7085 being the current support.
On H1, the AUD/USD reached the post correctional extension at 138.2% to 161.8% Fibo, or 0.7262-0.7284. With a divergence forming, the price may pull back after hitting 0.7333.
USD/CAD
On H4, the USDCAD is making a new downmove; this may be a long term downtrend, with the targets at 50.0% (1.2815) and 61.8% (1.2680).
On H1, the USDCAD is downtrending to 50.0% (1.2815). Besides, convergence is forming, which may lead to a pullback after the downtrend target has been reached.
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.