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Fibonacci Retracements Analysis 16.08.2018 (AUDUSD, USDCAD)

16 august 2018 - Fx4News

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, after breaking the previous low, AUDUSD has reached the post-correctional extension area between the retracements of 138.2% and 161.8%. Right now, the pair is starting a new correction to the upside to reach 0.7310. However, in case the downtrend continues, the instrument may break 0.7202 and then fall towards the retracement 261.8% at 0.7027.

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

In the H1 chart, the convergence made the pair reverse and start a new correctional uptrend, which has already reached the retracement of 23.6%. The next upside target may be the retracements of 38.2% and 50.0% at 0.7297 and 0.7327 respectively.

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, the convergence made USDCAD reverse and start a new ascending correction, which has already reached the retracement of 50.0% and may continue towards the retracement of 61.8% at 1.3224.

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

In the H1 chart, the current rising impulse has tested the local high once again. In this case, the pair is expected to break it and then continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3216 and 1.3246 respectively.

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

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