Fibonacci Retracements Analysis 05.07.2017 (AUD/USD, USD/CAD)

AUD USD, “Australian Dollar vs US Dollar”

As we can see at the H4 chart, the AUD/USD pair, after being corrected by 161.8%, reached the area of intermediate highs at 0.7710; the price finished several impulses and then formed the bearish divergence as a signal for the tendency reverse. Right now, the pair is trading towards the retracement of 38.2% at 0.7566. In the future, the next targets of the current descending correction may be at 0.7535 and 0.7502.

At the H1 chart, the pair is moving downwards. The local descending impulse was corrected by 38.2%. After breaking the local low at 0.7592, the price may continue falling inside the downtrend towards 0.7566, which is extension by 161.8%.

USD/CAD, “US Dollar vs Canadian Dollar”

As we can see at the H4 chart, the USD/CAD pair is trading to reach the retracement of 261.8%, which the biggest possible extension. In the near future, the price may reach 1.2873. In addition to that, the pair is forming the bullish convergence, which means that the tendency may reverse. One of the main targets of the future growth may be between the retracements of 61.8% and 76.0%.

The H1 chart confirms the above-said. However, in the nearest future the pair may be corrected from 1.3344 to 1.2910. One of the main targets of this correction may be between the retracements of 50% and 61.8% at 1.3175.

RoboForex Analytical Department