Fibonacci Retracements Analysis 10.05.2018 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, the convergence made AUDUSD complete the downtrend near the post-correctional extension area and start a new correction to the upside. The targets of this correction may be the retracements of 23.6%, 38.2%, 50.0%, and 61.8% at 0.7505, 0.7565, 0.7613, and 0.7660 respectively.
The H1 chart shows more detailed structure of the current movement.
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 50.0%. The next downside targets may be the retracements of 61.8% and 76.0% at 1.2744 and 1.2686 respectively. The main target of the current downtrend may be the low at 1.2528. However, if the price breaks the local high at 1.2997, it may grow towards 1.3127.
In the H1 chart, the situation is the same and confirms the scenario described above.
RoboMarkets Analytical Department
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.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.