Fibonacci Retracements Analysis 11.04.2019 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is trading upwards; it has already tested the retracement of 50.0%. The next upside targets may be the retracements of 61.8% and 76.0% at 0.7183 and 0.7225 respectively. The support level is the retracement of 23.6% at 0.7072.
In the H1 chart, the pair has been corrected by 50.0%. At the same time, the support is the retracement of 38.2% at 0.7115. After finishing the pullback, the instrument may resume growing towards the retracements of 61.8% and 76.0% at 0.7183 and 0.7225 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after reaching the retracement of 61.8%, the correction is transforming into the Triangle. The next rising impulse will be heading to break the high at 1.3467. If the price breaks the pattern upwards, the instrument may continue growing to reach the retracement of 76.0% at 1.3522 and then the high at 1.3665.
In the H1 chart, USDCAD is trying to form another descending wave. The first descending impulse has reached the retracement of 61.8%. The next target will be the retracement of 76.0% at 1.3302. If later the price reaches the low at 1.3284 and breaks it, the instrument may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3255 and 1.3246 respectively.
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.