Fibonacci Retracements Analysis 25.07.2019 (AUDUSD, USDCAD)
AUDUSD
After the mid-term correction trend reached 50.0% Fibo and a divergence formed, the AUDUSD quotations started declining. On H4 we can see the downtrend aiming at 50.0% (0.6957). The next goals of the descending may be at 61.8% (0.6927), 76.0% (0.6891) and the minimum at 0.6831. The main resistance is at the maximum 0.7082.
On H1 the quotations are nearing 50.0% (0.6957) Fibo. While a downtrend is developing, a convergence is forming, which may signal a short-term pullback.
USDCAD
On H4 we see that upon reaching the long-term correction level at 38.2% Fibo, long-term testing and forming a convergence the quotations have started short-term growth as a correction. The ptrend is aimed at 38.2% (1.3175) and 50.0% (1.3224). A breakthrough of the support at 1.3015 may signal continuation of the long-term decline.
On H1 the instrument demonstrates a local sideways trend as a correction of the previous impulse of growth. The consolidating sideways trend may mean preparation for a surge of the price to 38.2% (1.3175) Fibo.
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