Fibonacci Retracements Analysis 08.02.2018 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, AUDUSD is still being corrected to the downside and has already reached the retracement of 50.0%. The next targets of this downtrend may be the retracements of 61.8% and 76.0% at 0.7742 and 0.7654 respectively.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
As we can see in the H1 chart, after completing the correction and breaking the local low, AUDUSD has started moving towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7806 and 0.7788 respectively. At the same time, we can see the convergence being formed, which means that the instrument may start a new correction after reaching its targets.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, the convergence made USDCAD reverse and move upwards. By now, the price has already been corrected by 50.0%. The next upside targets are the retracements of 61.8% and 76.0% at 1.2663 and 1.2579 respectively.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
In the H1 chart, the uptrend is moving towards 1.2663. However, we can see the divergence being formed, which may indicate a possible reverse in the short-term.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
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