Fibonacci Retracements Analysis 04.09.2017 (AUD/USD, USD/CAD)

AUD USD, “Australian Dollar vs US Dollar”

At the H4 chart, the AUD/USD pair is still moving inside the same trading range. Such price movement may form a complicated correctional structure of the previous mid-term ascending impulse (June and July 2017). An important local high right now is at 0.7995. After breaking it, the instrument may continue moving towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.8043 and 0.8072 respectively. If the pair breaks this range upwards, the mid-term uptrend may continue towards the retracement of 138.2% at 0.8162. The local support level for the current movement at 0.7870 (the retracement of 38.2%). The more significant support level is at 0.7808. If the price breaks this level, the mid-term correction may become deeper and reach the retracement of 50.0% at 0.7718.

As we can see at the H1 chart, the current price movement is being supported by 0.7921. After completing the correction and breaking 0.7995 to the upside, the price may reach the local post-correctional extension area between the retracements of 138.2% and 161.8% at 0.8013 and 0.8025 respectively.

USD/CAD, “US Dollar vs Canadian Dollar”

As we can see at the H4 chart, the USD/CAD is still falling inside the downtrend and reaching new lows. The target of the current descending impulse may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2275 and 1.2190 respectively.

At the H1 chart, the pair has reached the retracement of 138.2% at 1.2355 and right now is being corrected to the upside. The main targets of this correction may be the retracements of 38.2% and 50.0% at 1.2463 and 1.2502 respectively. After completing this correction, the instrument may continue falling towards the retracement of 161.8% at 1.2303.

RoboForex Analytical Department