Fibonacci Retracements Analysis 23.08.2018 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the convergence made AUDUSD reverse and start a new correctional uptrend. The possible upside targets are the retracements of 23.6%, 38.2%, and 50.0% at 0.7422, 0.7558, and 0.7668 respectively. However, in case the price breaks the low at 0.7202, the instrument may continue falling to reach 0.7140.

In the H1 chart, the divergence made the pair reverse and start a new correction downwards, which has already reached the retracement of 50.0%. The next downside target may be the retracements of 61.8% and 76.0% at 0.7270 and 0.7245 respectively. If the price breaks the high at 0.7381, the H4 uptrend will continue.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the convergence made AUDUSD reverse and start a new rising correction, which has already reached the retracement of 50.0%. The next possible targets are the retracements of 61.8% and 76.0% at 1.3224 and 1.3285 respectively. However, in the long-term, the correctional downtrend will move towards 1.2951 and 1.2817.

In the H1 chart, the pair completed the descending impulse and then started a new pullback, which has already reached the retracement of 23.6%. Later, the correction may continue towards the retracements of 38.2%, 50.0%, and 61.8% at 1.3058, 1.3080, and 1.3103 respectively. The support level is the low at 1.2986.