Fibonacci Retracements Analysis 21.02.2019 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD has completed the correction at the retracement of 61.8%. Right now, the price is trading downwards to break the low at 0.7054. If it succeeds, the mid-term bearish correction will continue towards the retracement of 38.2% at 0.7010.
The H1 chart shows more detailed structure of the current decline after the divergence. The key downside targets may be the retracements of 38.2% and 50.0% at 0.7010 and 0.6921 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the correctional downtrend has reached the retracement of 61.8%. Right now, the pair is trying to reverse and start a new short-term pullback. After that, the price may continue falling towards the retracement of 76.0% at 1.3133 and the low at 1.3068. However, the instrument may yet start a proper rising impulse instead of a pullback and move to reach the high at 1.3340. After breaking it, USDCAD may continue growing towards the retracement of 50.0% at 1.3366.
In the H1 chart, the price is being corrected upwards. The possible targets are the retracements of 50.0%, 61.8%, and 76.0% at 1.3216, 1.3231, and 1.3250 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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