Fibonacci Retracements Analysis 30.05.2019 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, after the price had reached the retracement of 50.0%, there was a convergence on MACD, which made AUDUSD start a new sideways correction. Right now, the pair is heading towards the retracement of 23.6% at 0.6945. The next upside target may be the retracements of 38.2%, 50.0%, and 61.8% at 0.6995, 0.7035, and 0.7075 respectively. However, if the price breaks the low at 0.6865, the instrument may continue falling towards its next mid-term target, which is the retracement of 61.8% at 0.6833.

In the H1 chart, AUDUS completed its short-term correction; right now, it is heading towards the retracement of 23.6% at 0.6945.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after updating its local highs, USDAD may trade to reach the key high at 1.3665. In this case, the closest target may be the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3585 and 1.3624 respectively. The support level is at 1.3367.

In the H1 chart, there is a divergence on MACD, which may indicate a possible pullback. The targets of this pullback may be the retracements of 23.6%, 38.2%, and 50.0% at 1.3503, 1.3474, and 1.3452. The resistance level is the local high at 1.3547.