Fibonacci Retracements Analysis 05.04.2018 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, the convergence made AUDUSD finish the downtrend, reverse, and start a new rising correction. The upside targets may be the retracements of 23.6%, 38.2%, and 50.0% at 0.7759, 0.7831, and 0.7890 respectively. If the price breaks the low at 0.7642, the instrument may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7634 and 0.7587 respectively.
As we can see in the H1 chart, the short-term uptrend is moving towards the retracement of 23.6% at 0.7759. The support level is the low at 0.7642.
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 38.2% at 1.2790. The next downside targets may be the retracements of 50.0% and 61.8% at 1.2686 and 1.2584 respectively. The resistance is the high at 1.3124.
In the H1 chart, the short-term downtrend is moving towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2748 and 1.2730 respectively. At the same time, the convergence that is being formed indicates that after reaching the downside targets the pair may reverse and start a new correction towards the retracements of 23.6%, 38.2%, and 50.0% at 1.2781, 1.2812, and 1.2837 respectively.
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