AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the correctional downtrend has reached the retracement of 50.0% and slowed down a bit. In case it continues, the targets may be the retracements of 61.8% and 76.0% at 0.7164 and 0.7110 respectively. After breaking the key resistance at 0.7393, the price may continue the long-term correction to the upside to reach the retracement of 38.2% at 0.7447.
In the H1 chart, after completing another descending impulse, the pair started a new short-term correction, which has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2% and 50.0% at 0.7260 and 0.7285 respectively. The support is the low at 0.7177.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is still testing the previous high. If the pair breaks 1.3386 and fixes above it, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3617 and 1.3758 respectively. The support is at 1.3154.
The H1 chart shows more detailed structure of the current movement. If the price breaks the high 1.3444, the pair may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3518 and 1.3564 respectively. The support is the local low at 1.3254.
