Fibonacci Retracements Analysis 03.10.2019 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the descending wave tested the mid-term low at 0.6677 and then there was a convergence, which may indicate a new pullback in the nearest future. After the pullback, the price may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.6595 and 0.6543 respectively.
Taking into account the convergence on MACD in the H1 chart, we may assume that AUDUSD may correct towards 23.6%, 38.2%, and 50.0% fibo at 0.6724, 0.6757, and 0.6782 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after failing to reach 50.0% fibo at 1.3201, USDCAD started a new rising impulse, which has already broken the local high and may reach the high at 1.3328. After breaking it, the instrument may continue the ascending tendency towards 76.0% fibo at 1.3433.
In the H1 chart, after finishing the ascending impulse, the pair is correcting. The target may be 23.6%, 38.2%, and 50.0%, fibo at 1.3305, 1.3286, and 1.3271 respectively. After breaking the resistance at 1.3335, the price may continue growing.
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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