Fibonacci Retracements Analysis 24.05.2018 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, AUDUSD is being corrected to the upside; the uptrend has reached the retracement of 50.0% at 0.7613. The next possible target is the retracement of 61.8% at 0.7660. However, if the price starts a new descending impulse and breaks the low at 0.7412, the instrument may trade towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7340 and 0.7294 respectively.
As we can see in the H1 chart, the pair is being corrected downwards and has already reached the retracement of 38.2%. The next targets may be the retracements of 50.0% and 61.8% at 0.7510 and 0.7487 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD has reached the retracement of 50.0% and started trading sideways. The next targets may be the retracements of 50.0% and 61.8% at 1.2708 and 1.2642 respectively. However, if the price breaks the high at 1.2997, the instrument may trade towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3100 and 1.3165 respectively.
In the H1 chart, the price is moving sideways.
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