AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the “bearish” correctional wave has failed to reach 50.0% fibo at 0.7500 for the second time. At the same time, there was a new convergence on MACD to indicate another ascending correctional movement, which may later transform into a proper rising wave to reach the high at 0.8007 and the post-correctional extension area between 138.2% and 161.8% fibo at 0.8175 and 0.8281 respectively. Otherwise, the instrument may continue its mid-term decline towards 50.0% and 61.8% fibo at 0.7500 and 0.7380 respectively.
The H1 chart shows a more detailed structure of the current ascending correction after a convergence with the targets at 23.6%, 38.2%, 50.0%, 61.8%, and 76.0% fibo at 0.7644, 0.7714, 0.7769, 0.7826, and 0.7893 respectively. A breakout of the support at 0.7532 will lead to a further mid-term downtrend.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is correcting downwards after completing the first wave to the upside and reaching 50.0% fibo. Later, the pair may soon resume growing towards 61.8% and 76.0% fibo at 1.2683 and 1.2757 respectively. The support remains at the low at 1.2365.
The H1 chart shows a bearish trend, which has already reached 38.2% fibo and may later continue towards 50.0% and 61.8% fibo at 1.2506 and 1.2473 respectively. The resistance is the high at 1.2647.
