AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, the mid-term downtrend continues. However, the convergence made AUDUSD start a short-term correction to the upside, which has already reached the retracement of 38.2%. The next targets of the correction may be the retracements of 50.0%, 61.8%, and 76.0% at 0.7924, 0.7974, and 0.8034 respectively. The support level is at 0.7812.
In the H1 chart, the divergence made AUDUSD reverse and start a new descending movement, which has already reached the retracement of 23.6% and may continue towards the retracements of 38.2% and 50.0% at 0.7839 and 0.7818 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after a short-term correction to the downside, USDCAD started a new ascending impulse, which has already reached the retracement of 38.2% at 1.2791. However, the price may yet complete this impulse, reverse, and start a new descending one towards the retracements of 50.0% and 61.8% at 1.2726 and 1.2662 respectively. After breaking the current high at 1.3000, the instrument may trade towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3078 and 1.3126 respectively.
In the H1 chart, the pair is trading towards the high at 1.3000.
RoboForex Analytical Department
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.