Fibonacci Retracements Analysis 02.05.2019 (AUDUSD, USDCAD)

02.05.2019

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, after reaching the resistance level at the retracement of 38.2%, AUDUSD has completed the short-term correction. If the price breaks the low at 0.6988, the instrument may fall towards the mid-term retracement of 50.0% at 0.6921.

AUDUSD1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, after completing the pullback at the retracement of 38.2%, the pair is forming a new impulse to the downside.

AUDUSD2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after USDCAD reached the retracement of 76.0%, there was a divergence on MACD, which made the pair start a new downtrend. By now, it has already reached the retracement of 23.6%. The next downside targets may be the retracements of 38.2%, 50.0%, and 61.8% at 1.3349, 1.3295, and 1.3242 respectively. The local resistance level is at 1.3522. After the price completes the downtrend, the next upside target will be the high at 1.3665.

USDCAD1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, USDCAD is trading upwards and has already reached the retracement of 50.0%. The next upside targets may be the retracements of 61.8% and 76.0% at 1.3466 and 1.3487 respectively. If the price breaks the low at 1.3377, the mid-term decline may continue.

USDCAD2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.