Fibonacci Retracements Analysis 01.08.2017 (AUD/USD, USD/CAD)

AUD USD, “Australian Dollar vs US Dollar”

As we can see at the H4 chart, the uptrend continues, but the AUD/USD pair made a short pause in the form of the flat pattern. The next most probable upside target is the area of the post-correctional extension between the retracements of 138.2% and 161.8% at 0.8112 and 0.8143 respectively. Possibly, the price may grow higher, up to the retracement of 261.8% at 0.8170. After reaching this area, the pair may be corrected towards the retracement of 23.6% at 0.7996 and then – 38.2% at 0.7856.

At the H1 chart, the pair is correcting the previous ascending impulse by 61.8%. After breaking the local high at 0.8061, the price may continue growing towards its next upside targets.

USD/CAD, “US Dollar vs Canadian Dollar”

As we can see at the H4 chart, the convergence was followed by a slight correction, which is taking place right now. The first significant target of this correction is the retracement of 23.6% at 1.2688, the next one – 38.2% at 1.2850. The USD/CAD pair may yet continue falling, but only after breaking the current low at 1.2416. the next important downside targets may be the retracements of 138.2%, 161.8%, and 261.8% at 1.2351, 1.2306, and 1.2149 respectively.

At the H1 chart, the situation is pretty the same. The current price movement may be considered as the correctional flat pattern.

RoboForex Analytical Department