Fibonacci Retracements Analysis 12.07.2018 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after being corrected by 38.2%, AUDUSD has started a new impulse to the downside. Later, the price may break the low at 0.7310 and then continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7243 and 0.7020 respectively. However, the correctional uptrend may yet continue. The possible upside targets may be the retracements of 50.0%, 61.8%, and 76.0% at 0.7494, 0.7537, and 0.7589 respectively.
In the H1 chart, the pair is trading downwards and has already reached the retracement of 61.8%. The next downside target may be the retracement of 76.0% at 0.7353.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after being corrected by 50.0%, USDCAD has started a new impulse to the upside with the target at 1.3386. After breaking this level, the instrument may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3507 and 1.3583 respectively
In the H1 chart, the pair is being corrected to the upside and has already reached the retracement of 50.0%. The next target may be the retracements of 61.8% and 76.0% at 1.3260 and 1.3307 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.
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