Fibonacci Retracements Analysis 03.05.2018 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, the downtrend continues, but at the same time one can see the convergence being formed, which may indicate a possible pullback. The targets of this pullback may be the retracements of 23.6%, 38.2%, and 50.0% at 0.7552, 0.7602, and 0.7643 respectively. The support level is the short-term low at 0.7472.
The H1 chart shows more detailed structure of the current movement. If the price breaks the low, the instrument may fall towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7448 and 0.7432 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the divergence made USDCAD reverse and start a new downtrend, which has already reached the retracement of 23.6%. The next downside targets may be the retracements of 38.2% and 50.0% at 1.2767 and 1.2721 respectively. However, if the price breaks the high, it may grow towards the retracement of 76.0% at 1.2981.
In the H1 chart, the situation is the same and confirms the scenario described above.
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