Fibonacci Retracements Analysis 31.05.2018 (AUDUSD, USDCAD)
AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, AUDUSD is still being corrected to the upside; the uptrend is getting closer to the retracement of 50.0% at 0.7611. The next possible targets are the retracements of 61.8% and 76.0% at 0.7659 and 0.7717 respectively. The support level is the low at 0.7412.
As we can see in the H1 chart, the pair is trading towards the retracement of 50.0% at 0.7611. After breaking the high, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7655 and 0.7685 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the divergence made USDCAD start a quick descending correction, which has already reached the retracement of 38.2. The next downside targets may be the retracements of 50.0%, 61.8%, and 76.0% at 1.2788, 1.2726, and 1.2653 respectively. The resistance level is the high at 1.3047.
The H1 chart shows more detailed structure of the current movement.
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