Fibonacci Retracements Analysis 14.07.2017 (AUD/USD, USD/CAD)

AUD USD, “Australian Dollar vs US Dollar”

As we can see at the H4 chart, the uptrend continues, but may complete soon. Right now, the AUD/USD pair is getting to the retracement of 161.8% at 0.7800. This area is the target of the post-correctional growth. After reaching this area, the pair may start falling towards the first significant correctional level, the retracement of 23.6% at 0.7690. to confirm this scenario, at the moment the price is forming the divergence.

At the H1 chart, the situation is pretty similar. After reaching the target area, the pair may start a short-term correction with the target at 0.7710, which is the retracement of 38.2% and the previous significant high reached by the price.

USD/CAD, “US Dollar vs Canadian Dollar”

In order to get the situation better, one should take a look at the weekly chart. Here, the USD/CAD pair is forming a new mid-term impulse, which, in its turn, may be another correctional structure of the uptrend finished in 2015. At the moment, the price is testing the retracement of 38.2%. Consequently, the next downside target may be the retracement of 50% at 1.2150.

At the daily chart, the pair is expected to be corrected by 138.2% towards 1.1970. However, to reach this target, the price has to break the current significant low at 1.2460.

As we can see at the H4 chart, the downtrend continues towards 1.2570 where there are several significant Fibonacci retracements. After reaching this area, the pair may start a short-term correction; this scenario is confirmed by the convergence, which is being formed at the moment.

RoboForex Analytical Department