Fibonacci Retracements Analysis 08.03.2018 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, AUDUSD is being corrected upwards after completing the previous descending impulse. At the same time, the mid-term trend is bearish. However, we can see the convergence being formed, which may indicate a possible reverse. As we can see, the price has broken the previous local low and may trade towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7671 and 0.7617 respectively. The resistance level is at 0.7988.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
In the H1 chart, AUDUSD is also being corrected upwards and has already reached the retracement of 38.2%. The next upside targets may be the retracements of 50.0%, 61.8% and 76.0% at 0.7850, 0.7883, and 0.7922 respectively.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD continues moving upwards. The target is the retracement of 261.8% at 1.3072. The support level is at 1.2612.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
In the H1 chart, the pair is being corrected downwards and has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2%, 50.0%, and 61.8% at 1.2853, 1.2806, and 1.2762 respectively. After breaking the local high at 1.3000, the instrument may continue trading to the upside.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
RoboForex Analytical Department
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