Fibo Analysis: AUD/USD and USD/CAD, July 19, 2018

AUD/USD

On H4, the AUD/USD is correcting against the long term downtrend, heading towards 23.6% and 38.2% Fibo, or 0.7503, and 0.7624. The price may break out its low and head to the post correctional extension of 138.2%-161.8%, or 0.7243-0.7201.

On H1, the AUD/USD is making a descending move, and this will continue in case the price breaks out the local low at 0.7343.

USD/CAD

On H4, the new USD/CAD ascending trend corrected the previous downtrend at 61.8% Fibo, and may then reach 76.0%, or 1.3307. In a longer term, the price may break out 1.3386, which will allow it to rise to the post correctional extension at 138.2%-161.8% Fibo, or 1.3510-1.3583.

On H1, USD/CAD is finishing its correction move at 50.0%, while the downmove to 61.8% is also possible. If the price heads upwards, it should first break out the high at 1.3259, and then reach the post correction extension range between 138.2% and 161.8%, or 1.3297-1.3320.