AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the divergence made AUDUSD start a steady downtrend, which has already reached the significant low at the support. After testing the low, the price may start a short-term pullback towards the resistance at 61.8% fibo at 0.6927. This scenario is confirmed by the convergence on MACD. Later, the pair may continue falling to reach the post-correctional extension area between 138.2% and 161.8% fibo at 0.6735 and 0.6676 respectively.
The H1 chart of AUDUSD shows more detailed structure of the current descending tendency with the convergence.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the convergence made USDCAD start a new correctional uptrend, which is getting closer to 50.0% and 61.8% fibo at 1.3224 and 1.3272 respectively. After reaching these levels, the instrument may reverse and start a new decline towards the low at 1.3015.
In the H1 chart, USDCAD is trading upwards to reach 50.0% fibo at 1.3224. At the same time, there is a divergence on MACD, which may indicate a possible reverse in the future.
