Fibonacci Retracements Analysis 18.10.2017 (AUD/USD, USD/CAD)

AUD USD, “Australian Dollar vs US Dollar”

At the H4 chart, the AUD/USD pair is forming the mid-term descending correction, which has already reached the retracement of 50.0%. The next downside target may be the retracement of 61.8% at 0.7635, which may be reached only after the price breaks the local cow at 0.7732. In addition to that, pay attention to the short-term ascending correction after the convergence, which has already reached the retracement of 38.2%. The next targets are the retracement of 50.0% and 61.8% at 0.7916 and 0.7960 respectively.

As we can see at the H1 chart, the pair is being corrected to downside after forming another ascending impulse. By now, the correction has already reached the retracement of 50.0%. The next targets may be the retracement of 61.8% and 76.0% at 0.7806 and 0.7785 respectively. After finishing this correction, the instrument may resume moving upwards.

USD CAD, “US Dollar vs Canadian Dollar”

At the H4 chart, the USD/CAD pair finished the divergence and then started a new correction, which may complete soon. After breaking the local high at 1.2596, the price may reach the retracement of 38.2% at 1.2722. This level is one of the key correctional levels after the price finished the previous long-term downtrend. However, there is another possible scenario, according to which the correction may yet continue towards the retracements of 38.2% and 50.0% at 1.2392 and 1.2329 respectively.

As we can see at the H1 chart, the pair is starting the short-term ascending correction. If the price breaks the high at 1.2596, the instrument may move towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2630 and 1.2653 respectively

RoboForex Analytical Department