AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is trading downwards steadily; it broke the retracement of 50.0%, but the gap to the upside slowed down this decline a little bit, acting as a slight correction. The next downside target may be the retracements of 61.8% and 76.0% at 0.6833 and 0.6728 respectively. At the same time, there is a convergence on MACD, which may indicate a possible pullback after the price reaches its target. The resistance is at 0.7009.
In the H1 chart, there was a local convergence on MACD and then, due to the gap to the upside, the pair was corrected upwards by 38.2%. If the current descending impulse fails to break the low at 0.6865, the next rising wave may reach the retracements of 50.0% and 61.8% at 0.6957 and 0.6978 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after completing its sideways movement, USDAD is trying to form an expanding channel. The price is still trading below the mid-term retracement of 76.0% at 1.3522. At the same time, there was a divergence on MACD, which made the instrument start a new correction downward. By now, the price has been corrected by 23.6% and may continue falling towards the retracements of 38.2%, 50.0%, and 61.8% at 1.3349, 1.3295, and 1.3242 respectively.
In the H1 chart, the pair has finished the short-term correctional impulse and may resume trading downwards.
