AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is forming a new ascending impulse within the mid-term correctional uptrend. The price is getting closer to the retracement of 23.6%. The next upside targets may be the retracements of 38.2% and 50.0% at 0.7446 and 0.7577 respectively. The key support level is the low at 0.7021.
The H1 chart shows more detailed structure of the current rising impulse. The uptrend is trading to reach the local high at 0.7302. If later the price break it, the pair may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7355 and 0.7388 respectively. The local support is at 0.7164.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is testing the retracement of 76.0% and there is a divergence on MACD. At the same time, the price may yet break the local high at 1.3264 and then continue growing towards the key high at 1.3386. However, the divergence may indicate a possible pullback in the nearest future to reach the retracements of 23.6%, 38.2% and 50.0% at 1.3150, 1.3079, and 1.3025 respectively. .
In the H1 chart, there is a divergence on MACD, which may indicate a new decline towards the retracements of 23.6% and 38.2% at 1.3150 and 1.3079 respectively.
