Fibonacci Retracements Analysis 17.01.2019 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after AUDUSD plummeted, there was a convergence on MACD, which made the pair start a new correctional uptrend. By now, the price has already reached the retracement of 38.2% and then started a new pullback. Later, the uptrend may continue towards the retracements of 50.0% and 61.8% at 0.7340 and 0.7525 respectively. The support level is at 0.6921.
In the H1 chart, there was a divergence on MACD, so right now AUDUSD is trading downwards. The targets of this descending correction may be the retracement of 23.6% and 38.2% at 0.7073 and 0.6972 respectively. The resistance is the high at 0.7235.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the pair is forming a new ascending correction, which has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2% and 50.0% at 1.3366 and 1.3424 respectively. If the price breaks the low at 1.3180, the instrument may fall towards the mid-term retracement of 61.8% at 1.3122.
In the H1 chart, the correctional uptrend has slowed down; right now, the price is trading sideways.
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