Fibonacci Retracements Analysis 07.06.2018 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

In the H4 chart, AUDUSD is still being corrected to the upside and has already reached the retracement of 61.8%. The next possible targets are the retracement of 76.0% at 0.7717 and the level of 0.7813. The support level is at 0.7566.

As we can see in the H1 chart, the convergence is being formed, which may indicate a possible pullback towards the retracements of 23.6%, 38.2% and 50.0% at 0.7638, 0.7615, and 0.7595 respectively.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after updating its highs, USDCAD started a new correction, which has already reached the retracement of 38.2. The next downside target may be the retracement of 50.0% at 1.2797. If the price breaks the resistance level at 1.3067, the instrument may reach the next essential high at 1.3124.

In the H1 chart, USDCAD is being corrected to the upside and has already reached the retracement of 50.0%. The next upside targets may be the retracements of 61.8% and 76.0% at 1.2987 and 1.3016 respectively. If the pair breaks the current high at 1.3067, the price may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3149 and 1.3198 respectively.