Fibonacci Retracements Analysis 07.08.2017 (AUD/USD, USD/CAD)

AUD USD, “Australian Dollar vs US Dollar”

As we can see at the H4 chart, the AUD/USD pair completed the divergence and started the descending correction, which almost reached the retracement of 38.2% at 0.7880. The next targets of this correction may be the retracements of 50% and 61.8% at 0.7819 and 0.7757 respectively. Right now, it’s too early to talk about the long-term trend reverse. To confirm the uptrend, the price has to break the local high at 0.8069. In this case, the target of the ascending impulse will be between the retracements of 138.2% and 161.8% at 0.8164 and 0.8221 respectively.

At the H1 chart, the situation is pretty the same. The closest target at 0.7880 is confirmed. In addition to that, the retracement of 261.8% indicates that the correction may continue deeper, up to 0.7757.

USD/CAD, “US Dollar vs Canadian Dollar”

As we can see at the H4 chart, the ascending correction continues. The USD/CAD pair almost reached the retracement of 23.6% at 1.2688. The next targets are the retracements of 50% and 61.8% at 1.2850 and 1.2893 respectively. The support level for the current movement is at 1.2418.

At the H1 chart, the situation is similar.

RoboForex Analytical Department