Fibonacci Retracements Analysis 11.07.2017 (XAU/USD, USD/CAD)

XAU USD, “Gold vs US Dollar”

As we can see at the H4 chart, the pervious ascending range was corrected by 50%. The XAU/USD pair is still moving to the downside, but in the near future it may return to the retracement of 38.2%. The next downside targets may be the retracements of 61.8% at 1190.40 and 76% at 1164.67.

At the H1 chart, the pair reached the retracement of 261.8% at 1205.29. Moreover, the price is forming the bullish convergence, which means the current tendency may reverse. However, this should be considered only as the correction of the current descending impulse. The main targets of the correction may be the retracements of 38.2% and 50% at 1226.29.

USD CHF, “US Dollar vs Swiss Franc”

At the H4 chart, the USD/CAD pair is still being corrected to the upside; it has already reached the retracement of 23.6%. The next mid-term upside targets may be the retracements of 38.2%, 50%, and 61.8% at 0.9763, 0.9828, and 0.9892 respectively.

As we can see at the H1 chart, the pair is forming a new ascending impulse. After the previous ascending impulse, the price was corrected by 61.8%. If we take a look at the extension after the descending correction, we can see that the closest upside targets may be the retracements of 138.2% and 150% at 0.9735. However, this scenario will be valid only after the price breaks 0.9687.

RoboForex Analytical Department