Fibonacci Retracements Analysis 31.01.2019 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD is forming a new rising wave. After being corrected to the downside by 23.6% (0.7073), the pair has finished another ascending impulse. If the price breaks the high at 0.7235, the instrument may continue growing to reach the mid-term retracements of 50.0% and 61.8% at 0.7340 and 0.7525 respectively. The support level is at 0.7073.

In the H1 chart, AUDUSD is steadily trading upwards. At the same time, there is a divergence on MACD, which indicates a possible pullback towards 0.7235 after the instrument reaches the retracement of 50.0% at 0.7340.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after breaking the low, USDCAD is forming a new descending wave. The possible downside targets may be the retracements of 38.2% and 50.0% at 1.3053 and 1.2864 respectively. The resistance level is at 1.3295.

In the H1 chart, the price is trading downwards to reach the retracement of 38.2% at 1.3053. At the same time, there is a convergence on MACD, which indicates a possible reverse and a pullback in the future.