Fibonacci Retracements Analysis 11.08.2017 (AUD/USD, USD/CAD)

AUD USD, “Australian Dollar vs US Dollar”

As we can see at the H4 chart, the AUD/USD pair is still being corrected to the downside after finishing the ascending impulse. The closest target of this correction is the retracement of 50% at 0.7817. after that, the price may continue falling towards the retracement of 61.8% at 0.7759.

At the H1 chart, the pair has almost reached the retracement of 138.2%. The price is forming the convergence here, thus indicating a possible reverse, but, most likely, it will happen after it reaches the local target. The closest significant targets of such reversal may be the retracements of 38.2% and 50% at 0.7905 and 0.7932 respectively.

USD/CAD, “US Dollar vs Canadian Dollar”

As we can see at the H4 chart, the ascending correction continues. The USD/CAD pair has reached the first target, which is 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 1.2414.

At the H1 chart, the price is forming the divergence, which indicates the strength of the correction. The most probable targets of this movement may be the retracements of 38.2% and 50% at 1.2626 and 1.2586 respectively.

RoboForex Analytical Department