Fibonacci Retracements Analysis 02.10.2017 (AUD/USD, USD/CAD)
AUD USD, “Australian Dollar vs US Dollar”
At the H4 chart, the downtrend continues. The AUD/USD pair has already reached the retracement of 38.2%. The next targets are the retracements of 50.0% and 61.8% at 0.7727 and 0.7635 respectively. The resistance for the current movement is the high at 0.8124.
As we can see at the H1 chart, the pair has formed several short-term ascending corrections and broken the local highs. The short-term downside target may be the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7777 and 0.7762 respectively.
USD CAD, “US Dollar vs Canadian Dollar”
As we can see at the H4 chart, the USD/CAD pair is being corrected to the upside. The price has already reached the retracement of 23.6% and may continue growing towards the retracements of 38.2% and 50.0% at 1.2720 and 1.2925 respectively. The support level is close to 1.2060.
At the H1 chart, the pair is growing inside the uptrend quite steadily. The price is moving towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2562 and 1.2588 respectively.
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