Technical Analysis by RoboForex

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Ichimoku Cloud Analysis 26.04.2018 (AUDUSD, NZDUSD, USDCAD)
26.04.2018
AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.7568; the instrument is moving below Ichimoku Cloud, which means that it may continue falling. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.7585 and then continue moving downwards to reach 0.7480. Another signal to confirm further descending movement is the price’s rebounding from the upside border of the descending channel. However, the scenario that Implies further decline may be cancelled if the price breaks the upside border of the cloud and fixes above 0.7620. In this case, the pair may continue growing towards 0.7710.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.7059; the instrument is moving below Ichimoku Cloud, which means that it may continue falling. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.7065 and then continue moving downwards to reach 0.6980. Another signal to confirm further descending movement is the price’s rebounding from the channel’s upside border. However, the scenario that implies further decline may be cancelled if the price breaks the upside border of the cloud and fixes above 0.7120. In this case, the pair may continue growing towards 0.7210.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2837; the instrument is moving above Ichimoku Cloud, which means that it may continue growing. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.2800 and then continue moving upwards to reach 1.2980. Another signal to confirm further ascending movement is the price’s rebounding from the rising channel’s downside border. However, the scenario that implies further decline may be cancelled if the price breaks the downside border of the cloud and fixes below 1.2690. In this case, the pair may continue falling towards 1.2610.

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Murrey Math Lines 26.04.2018 (USDCHF, GOLD)
26.04.2018
USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, USDCHF is trading inside the “overbought zone” above the 8/8 level. In this case, the price may rebound from the +1/8 level and then resume falling to reach the 8/8 one.

The lines in the H4 and H1 charts are completely the same and confirm the scenario described above.

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD has broken the 3/8 level and is no longer consolidating. Later, the price is expected to continue moving downwards to reach the support at the 0/8 one.

The lines in the H4 and H1 charts are completely the same and confirm the scenario described above.

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue moving downwards.

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Forex Technical Analysis & Forecast 26.04.2018 (EURUSD, GBPUSD, USDCHF, USDJPY, AUDUSD, USDRUB, GOLD, BRENT)
26.04.2018
EURUSD, “Euro vs US Dollar”

EURUSD has broken 1.2187 to the downside. Possibly, today the price may return to this level and then fall towards 1.2137. Later, the market may return to 1.2187 once again, thus forming another consolidation range around this level.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is still consolidating near the lows. Today, the price may break the low and then continue trading to the downside to reach 1.3800.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has broken 0.9800 upwards. Possibly, the price may continue trading to the upside to 0.9898.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has broken 109.20 upwards. Possibly, the uptrend may continue to reach 109.98.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has reached the short-term target of the descending wave. Possibly, today the price may form another consolidation range near the lows. If later the instrument breaks this range to the downside, the market may continue trading to the downside to reach 0.7420; if to the upside – start another correction towards 0.7777.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB has broken 62.18 upwards. Possibly, the price may continue the correction towards 63.00 and then fall to return to 62.18. After that, the instrument may start another growth to reach 63.60.

XAUUSD, “Gold vs US Dollar”

Gold has reached a new low and is still consolidating. Today, the price may grow to reach 1326.00 and then fall towards 1316.00. Later, the market may resume growing to return to 1326.00 and then continue trading to the downside to reach the short-term target at 1308.00.

BRENT

Brent has expanded its consolidation range downwards and returned to 74.00. Possibly, today the price may grow towards 75.35 and then fall to return to 74.00, thus forming another consolidation range near the highs. If later the instrument breaks this range to the downside, the market may start another correction to reach 70.00; if to the upside – resume growing towards 76.50.

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Fibonacci Retracements Analysis 27.04.2018 (BITCOIN, ETHEREUM)
27.04.2018
BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, the divergence made BTCUSD reverse and start a new correctional downtrend, which has already reached the retracement of 23.6%. The next downside targets may be retracements of 38.2 and 50.0% at 8510.00 and 8125.00 respectively. At the same time, there is a possibility that the instrument may break the current high and continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 10160.00 and 10410.00 respectively.

The H1 chart shows more detailed structure of the current movement. The short-term uptrend is moving to reach the local high.

ETHUSD, “Ethereum vs. US Dollar”

In the H4 chart, the divergence made ETHUSD reverse and start a new descending correction, which has almost reached the retracement of 23.6%. The next downside targets may be the retracements of 38.2% and 50.0% at 578.00 and 537.00 respectively. After breaking the high at 712.00, the instrument may continue growing the post-correctional extension area between the retracements of 138.2% and 161.8% at 755.50 and 783.00 respectively.

In the H1 chart, the short-term uptrend is moving towards the high at 712.00.

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Japanese Candlesticks Analysis 27.04.2018 (USDCAD, AUDUSD)
27.04.2018
USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after reaching the resistance level once again, USDCAD has formed several Doji, Hanging Man, and Shooting Star reversal patterns there. Judging by the previous movements, at the moment it may be assumed that the current movement is another pullback before the instrument continues growing to update its closest highs.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has reached the support level and formed several Doji, Hammer, and Inverted Hammer reversal patterns there. Judging by the previous movements, at the moment it may be assumed that these candlesticks indicate a possible correction before the instrument resumes falling.

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Murrey Math Lines 27.04.2018 (EURUSD, GBPUSD)
27.04.2018
EURUSD, “Euro vs. US Dollar”

In the H4 chart, EURUSD is trading inside the “oversold zone” below the 0/8 level. The price may resume growing only if it breaks the -1/8 level. In this case, the target will be at the 0/8 one.

In the H1 chart, the instrument may break the -1/8 level and grow to reach the 0/8 one. Another scenario implies that the pair may break the -2/8 level. In this case, the lines in the chart will be redrawn.

GBPUSD, “Great Britain Pound vs US Dollar”

In the H4 chart, the pair is expected to break the 2/8 level and continue falling towards the 1/8 one.

As we can see in the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards to reach 1.3793.

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Forex Technical Analysis & Forecast 27.04.2018 (EURUSD, GBPUSD, USDCHF, USDJPY, AUDUSD, USDRUB, GOLD, BRENT)
27.04.2018
EURUSD, “Euro vs US Dollar”

EURUSD has broken the low of the continuation pattern at 1.2195 and right now is still trading downwards inside the third wave with the target at 1.1900. Possibly, today the price may continue trading to the downside to reach 1.2077. Later, the market may form another consolidation range, break it, and then continue moving downwards to reach 1.1990.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has formed another consolidation range near the lows. Today, the price may break them and then continue trading to the downside to reach the short-term target at 1.3800.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still moving upwards; the target is at 0.9916. After that, the instrument may form another consolidation range. If later the instrument breaks this range to the upside, the market may continue growing to reach 70.00; if to the downside – start another correction towards 0.9750.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating around 108.99. Possibly, the price may fall towards the downside border at 108.50 and then resume growing to break the upside one. The target is at 109.80.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has formed another consolidation range and broken it downwards. Possibly, the price may extend this structure towards 0.7480. Later, the market may form another consolidation range to continue the downtrend towards 0.7420.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB has broken 62.11 upwards and expanded its trading range. Possibly, today the price may return to 62.11 and then start another growth to reach 63.63.

XAUUSD, “Gold vs US Dollar”

Gold has formed the consolidation range around 1325.00 and broken it downwards. Today, the price may continue trading to the downside to reach the short-term target at 1308.00.

BRENT

Brent is trading above 74.00; it has formed another consolidation range. If later the instrument breaks this range to the downside, the market may continue falling to reach 72.50; if to the upside – resume growing towards 75.50.

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AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.7544; the instrument is moving below Ichimoku Cloud, which means that it may continue falling. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.7565 and then continue moving downwards to reach 0.7470. Another signal to confirm further descending movement is the price’s rebounding from the upside border of the descending channel. However, the scenario that Implies further decline may be cancelled if the price breaks the upside border of the cloud and fixes above 0.7610. In this case, the pair may continue growing towards 0.7710.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.7052; the instrument is moving below Ichimoku Cloud, which means that it may continue falling. The markets could indicate that the price may test the downside border of the cloud at 0.7065 and then continue moving downwards to reach 0.6970. Another signal to confirm further descending movement is the price’s rebounding from the channel’s upside border. However, the scenario that implies further decline may be cancelled if the price breaks the upside border of the cloud and fixes above 0.7110. In this case, the pair may continue growing towards 0.7210.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2875; the instrument is moving above Ichimoku Cloud, which means that it may continue growing. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.2845 and then continue moving upwards to reach 1.2980. Another signal to confirm further ascending movement is the price’s rebounding from the rising channel’s downside border. However, the scenario that implies further decline may be cancelled if the price breaks the downside border of the cloud and fixes below 1.2695. In this case, the pair may continue falling towards 1.2610. After breaking the upside border of the Triangle pattern and fixing above 1.2895, the price may resume growing.

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Fibonacci Retracements Analysis 01.05.2018 (EURUSD, USDJPY)
01.05.2018
EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, EURUSD is still being corrected to the downside. The correctional downtrend is heading towards the retracements of 61.8% and 76.0% at 1.2037 and 1.1920 respectively. The resistance level is at 1.2215.

More detailed structure of the current downtrend is shown in the H1 chart. Apart from this, the convergence is being formed, which means that after reaching its downside targets the instrument may reverse.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the uptrend continues towards the retracements of 61.8% and 76.0% at 110.24 and 111.55 respectively. The support level is at 106.76.

In the H1 chart, USDJPY is trading inside the Flat pattern near the retracement of 50.0%. at the same time, one can see the divergence being formed, which means that the instrument may reverse and start a new correction after reaching its upside targets.

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Japanese Candlesticks Analysis 01.05.2018 (GOLD, NZDUSD)
01.05.2018
XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD continues falling; it has formed several Hammer, Engulfing, and Doji reversal patterns. Judging by the previous movements, at the moment it may be assumed that the instrument may be corrected a bit before starting a new decline.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, NZDUSD continues falling and forming Hammer and Inverted Hammer reversal patterns. Judging by the previous movements, it may be assumed that the instrument may continue trading to the downside despite the above-mentioned reversal candlesticks.

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Ichimoku Cloud Analysis 01.05.2018 (AUDUSD, NZDUSD, USDCAD)
01.05.2018
AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.7532; the instrument is moving below Ichimoku Cloud, which means that it may continue falling. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.7545 and then continue moving downwards to reach 0.7480. Another signal to confirm further descending movement is the price’s rebounding from the upside border of the descending channel. However, the scenario that Implies further decline may be cancelled if the price breaks the upside border of the cloud and fixes above 0.7570. In this case, the pair may continue growing towards 0.7640.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.7031; the instrument is moving below Ichimoku Cloud, which means that it may continue falling. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.7050 and then continue moving downwards to reach 0.6980. Another signal to confirm further descending movement is the price’s rebounding from the resistance level. However, the scenario that implies further decline may be cancelled if the price breaks the upside border of the cloud and fixes above 0.7080. In this case, the pair may continue growing towards 0.7160.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2828; the instrument is moving above Ichimoku Cloud, which means that it may continue growing. The markets could indicate that the price may test the upside border of the cloud at 1.2815 and then continue moving upwards to reach 1.2970. Another signal to confirm further ascending movement is the price’s rebounding from the rising channel’s downside border. However, the scenario that implies further decline may be cancelled if the price breaks the downside border of the cloud and fixes below 1.2700. In this case, the pair may continue falling towards 1.2610.

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Forex Technical Analysis & Forecast 01.05.2018 (EURUSD, GBPUSD, USDCHF, USDJPY, AUDUSD, USDRUB, GOLD, BRENT)
01.05.2018
EURUSD, “Euro vs US Dollar”

EURUSD is consolidating near the downside border of the range. Possibly, the price may break 1.2055 and then continue trading to the downside to reach the short-term target at 1.1975.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is still consolidating. Today, the price may continue falling to reach the first target at 1.3520.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is consolidating near the upside border of the range. If later the instrument breaks 0.9922 to the upside, the market may continue growing to reach 0.9988.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating near the upside border of the range. If later the instrument breaks 109.52 to the upside, the market may continue growing to reach 109.88.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading to break 0.7545 to the downside. Possibly, today the price may reach 0.7500.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is trading to break 63.00 to the upside. Today, the price may continue growing to reach 63.83 and then resume trading to the downside towards 61.50.

XAUUSD, “Gold vs US Dollar”

Gold is moving downwards. Possibly, the price may break 1311.00 and fall to reach 1304.00. After that, the instrument may grow to return to 1311.00 and then resume falling towards 1300.00.

BRENT

Brent is still consolidating; it has expanded the range towards 75.90. Today, the price may fall to reach 74.60 and then resume growing towards 77.15.

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Murrey Math Lines 01.05.2018 (AUDUSD, NZDUSD)
01.05.2018
AUDUSD, “Australian Dollar vs US Dollar”

In the H4 chart, AUDUSD is expected to test the support at the 3/8 level, rebound from it, and then resume growing towards the resistance at the 5/8 one.

As we can see in the H1 chart, the price is trading inside the “oversold zone” below the 0/8 level. If later the price breaks this level, the instrument may grow to reach the resistance at the 2/8 one.

In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.

NZDUSD, “New Zealand Dollar vs US Dollar”

In the H4 chart, NZDUSD is consolidating. The price is expected to test the support at the 3/8 level, rebound from it, and then resume growing towards the resistance at the 5/8 one.

In the H1 chart, the pair is trading inside the “oversold zone” below the 0/8 level. If the price breaks the ‑1/8 level, it may resume growing to reach the resistance at the 2/8 one.

As we can see in the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue moving upwards.

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Japanese Candlesticks Analysis 02.05.2018 (USDCAD, AUDUSD)
02.05.2018
USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, USDCAD has formed several Shooting Star and Engulfing reversal patterns. At the moment, it may be assumed that these reversal patterns below the resistance level indicate that the instrument may rebound from the level.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has reached another support level and formed several Engulfing and Hammer reversal patterns there. Judging by the previous movements, at the moment it may be assumed that these candlesticks indicate a possible pullback before the instrument resumes falling.

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Fibonacci Retracements Analysis 02.05.2018 (GBPUSD, EURJPY)
02.05.2018
GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD continues its descending movement, which has already reached the retracement of 50.0%. The next downside targets may be the retracements of 61.8% and 76.0% at 1.3553 and 1.3362 respectively. The resistance level is at 1.4060.

In the H1 chart, the convergence is being formed, which may indicate a possible correction to the upside in the future. The targets of this pullback may be the retracements of 23.6%, 38.2%, 50.0%, and 61.8% at 1.3680, 1.3740, 1.3789, and 1.3838 respectively.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, after being corrected to the upside by 50.0%, EURJPY was forced to reverse due to the divergence and has already been corrected downwards by 38.2%. The next downside targets may be the retracements of 50.0% and 61.8% at 131.20 and 130.68 respectively. However, if the price starts a new ascending impulse and breaks the short-term high, the instrument may continue the mid-term correctional uptrend and reach the retracement of 61.8% at 134.23.

In the H1 chart, the convergence is being formed, which may indicate a possible trend reverse. The targets of this pullback may be the retracements of 38.2%, 50.0%, and 61.8% at 132.30, 132.53, and 132.75 respectively.

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Ichimoku Cloud Analysis 02.05.2018 (AUDUSD, NZDUSD, USDCAD)
02.05.2018
AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.7515; the instrument is moving below Ichimoku Cloud, which means that it may continue falling. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.7535 and then continue moving downwards to reach 0.7430. Another signal to confirm further descending movement is the price’s rebounding from the upside border of the descending channel. However, the scenario that Implies further decline may be cancelled if the price breaks the upside border of the cloud and fixes above 0.7610. In this case, the pair may continue growing towards 0.7690.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.7023; the instrument is moving below Ichimoku Cloud, which means that it may continue falling. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.7055 and then continue moving downwards to reach 0.6930. Another signal to confirm further descending movement is the price’s rebounding from the resistance level. However, the scenario that implies further decline may be cancelled if the price breaks the upside border of the cloud and fixes above 0.7140. In this case, the pair may continue growing towards 0.7220.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2817; the instrument is moving above Ichimoku Cloud, which means that it may continue growing. The markets could indicate that the price may test the upside border of the cloud at 1.2815 and then continue moving upwards to reach 1.2970. Another signal to confirm further ascending movement is the price’s rebounding from the support level. However, the scenario that implies further decline may be cancelled if the price breaks the downside border of the cloud and fixes below 1.2700. In this case, the pair may continue falling towards 1.2610.

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Forex Technical Analysis & Forecast 02.05.2018 (EURUSD, GBPUSD, USDCHF, USDJPY, AUDUSD, USDRUB, GOLD, BRENT)
02.05.2018
EURUSD, “Euro vs US Dollar”

EURUSD has broken 1.2055 and is still falling towards the short-term target at 1.1974. Later, the market may form another consolidation range near the lows. If the instrument breaks this range to the upside, the market may start another correction to reach 1.2200; if to the downside – resume trading to the downside towards 1.1900.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has broken 1.3700 and is still falling towards 1.3500. Possibly, today the price may reach 1.3575 and then grow towards 1.3640. After that, the instrument may resume trading with the target at 1.3500.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has broken 0.9922 and may continue trading to the upside to reach 0.9988. Later, the market may form another consolidation range. If the instrument breaks this range to the upside, the market may continue growing to reach 1.0100; if to the downside – start another correction towards 0.9800.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has broken 109.50 and may continue growing to reach 109.88. Later, the market may form another consolidation range. If the instrument breaks this range to the upside, the market may continue trading to the upside to reach 111.00; if to the downside – start another correction towards 108.00.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has broken 0.7535. Today, the price may continue falling to reach the short-term target at 0.7445.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is consolidating near the upside border of the range. If later the instrument breaks this range to the upside, the market may continue growing to reach 63.83; if to the downside – resume trading to the downside towards 61.55.

XAUUSD, “Gold vs US Dollar”

Gold is moving downwards. Possibly, the price may rebound from 1311.00 and then fall to reach 1297.00. After that, the instrument may form another consolidation range. If later the instrument breaks this range to the downside, the market may continue trading to the downside to reach 1275.00; if to the upside – start another correction towards 1325.00.

BRENT

Brent has rebounded from 76.00 and is back to consolidating. Possibly, today the price may fall to reach 72.78 and then grow towards 74.45. If later the instrument breaks this range to the downside, the market may start another correction to reach 70.00; if to the upside – resume growing towards 77.00.

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Murrey Math Lines 02.05.2018 (USDJPY, USDCAD)
02.05.2018
USDJPY, “US Dollar vs. Japanese Yen”

In the H4 chart, USDJPY is trading inside the “overbought zone”. Later, the price is expected to test the +1/8 level, rebound from it, and then resume falling towards the support at the 7/8 one.

As we can see in the H1 chart, the pair is also trading inside the “overbought zone”. If the price breaks the 8/8 level, it may continue falling to reach the support at the 6/8 one. Another scenario implies that the instrument may test the resistance at the +2/8 level first and then resume falling towards the 6/8 one.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, may continue trading towards 108.59.

USDCAD, “US Dollar vs Canadian Dollar”

In the H4 chart, USDCAD may break the 2/8 level and then continue trading up0wards to reach the resistance at the 3/8 one.

As we can see in the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.

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Ichimoku Cloud Analysis 03.05.2018 (AUDUSD, NZDUSD, USDCAD)
03.05.2018
AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.7526; the instrument is moving below Ichimoku Cloud, which means that it may continue falling. The markets could indicate that the price may test the downside border of the cloud at 0.7565 and then continue moving downwards to reach 0.7410. Another signal to confirm further descending movement is the price’s rebounding from the upside border of the descending channel. However, the scenario that Implies further decline may be cancelled if the price breaks the upside border of the cloud and fixes above 0.7610. In this case, the pair may continue growing towards 0.7690.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.7021; the instrument is moving below Ichimoku Cloud, which means that it may continue falling. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.7035 and then continue moving downwards to reach 0.6880. Another signal to confirm further descending movement is the price’s rebounding from the upside border of the descending channel. However, the scenario that implies further decline may be cancelled if the price breaks the upside border of the cloud and fixes above 0.7145. In this case, the pair may continue growing towards 0.7220.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2838; the instrument is moving above Ichimoku Cloud, which means that it may continue growing. The markets could indicate that the price may test the upside border of the cloud at 1.2815 and then continue moving upwards to reach 1.2970. Another signal to confirm further ascending movement is the price’s rebounding from the support level. However, the scenario that implies further decline may be cancelled if the price breaks the downside border of the cloud and fixes below 1.2730. In this case, the pair may continue falling towards 1.2610.

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Fibonacci Retracements Analysis 03.05.2018 (AUDUSD, USDCAD)
03.05.2018
AUDUSD, “Australian Dollar vs US Dollar”

In the H4 chart, the downtrend continues, but at the same time one can see the convergence being formed, which may indicate a possible pullback. The targets of this pullback may be the retracements of 23.6%, 38.2%, and 50.0% at 0.7552, 0.7602, and 0.7643 respectively. The support level is the short-term low at 0.7472.

The H1 chart shows more detailed structure of the current movement. If the price breaks the low, the instrument may fall towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7448 and 0.7432 respectively.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the divergence made USDCAD reverse and start a new downtrend, which has already reached the retracement of 23.6%. The next downside targets may be the retracements of 38.2% and 50.0% at 1.2767 and 1.2721 respectively. However, if the price breaks the high, it may grow towards the retracement of 76.0% at 1.2981.

In the H1 chart, the situation is the same and confirms the scenario described above.

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