Fibonacci Retracements Analysis 27.12.2018 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is forming a new impulse inside the long-term downtrend; the price has broken the retracement of 76.0% and got very close to the low at 0.7021. If the pair breaks the low, it may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.6879 and 0.6791 respectively. The resistance is at 0.7207.
In the H1 chart, the convergence made AUDUSD reverse and start a new short-term pullback to the upside, which has already reached the retracement of 23.6%. The next possible targets are the retracements of 382% and 50.0% at 0.7094 and 0.7115 respectively. The local support is the low at 0.7026.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the uptrend continues; USDCAD is trading close to the downside border of the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3617 and 1.3758 respectively. The support is at 1.3386.
In the H1 chart, the pair is trading upwards and getting closer to the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3617 and 1.3758 respectively.
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