Fibonacci Retracements Analysis 02.05.2019 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after reaching the resistance level at the retracement of 38.2%, AUDUSD has completed the short-term correction. If the price breaks the low at 0.6988, the instrument may fall towards the mid-term retracement of 50.0% at 0.6921.
In the H1 chart, after completing the pullback at the retracement of 38.2%, the pair is forming a new impulse to the downside.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after USDCAD reached the retracement of 76.0%, there was a divergence on MACD, which made the pair start a new downtrend. By now, it has already reached the retracement of 23.6%. The next downside targets may be the retracements of 38.2%, 50.0%, and 61.8% at 1.3349, 1.3295, and 1.3242 respectively. The local resistance level is at 1.3522. After the price completes the downtrend, the next upside target will be the high at 1.3665.
In the H1 chart, USDCAD is trading upwards and has already reached the retracement of 50.0%. The next upside targets may be the retracements of 61.8% and 76.0% at 1.3466 and 1.3487 respectively. If the price breaks the low at 1.3377, the mid-term decline may continue.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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