Fibonacci Retracements Analysis 28.02.2019 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD continues the mid-term correction around the retracement of 23.6%. The resistance is the high still at 0.7295. The next descending wave will move towards the retracements of 38.2% and 50.0% at 0.7010 and 0.6921 respectively.
In the H1 chart, the pair has been corrected downwards by 50.0%. In the future, this decline may continue towards the retracements of 61.8% and 76.0% at 0.7119 and 0.7100 respectively. The resistance is the high at 0.7199.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the correctional downtrend has reached the retracement of 76.0%. Right now, the pair is trying to start a new rising wave inside the mid-term correction. The short-term target is the high at 1.3341. If the price breaks it, the instrument may continue growing towards the mid-term retracements of 50.0% and 61.8% at 1.3367 and 1.3437 respectively. The key obstruction for the long-term downtrend is the low at 1.3069. If the pair breaks the low, the next downside target will be the retracement of 38.2% at 1.3052.
In the H1 chart, the price has been corrected upwards by 50.0%. The possible targets are the retracements of 61.8% and 76.0% at 1.3254 and 1.3286 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.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.