AUDUSD, “Australian Dollar vs US Dollar”
The H4 chart shows the correctional channel, which has been taking place for about a month. After reaching the long-term 61.8% fibo at 0.7129, AUDUSD started a new decline, which was stopped at the mid-term 50.0% fibo. The key downside targets are 23.6%, 38.2%, and 50.0% fibo at 0.6697, 0.6469, and 0.6286 respectively. If the pair breaks the high at 0.7064, the instrument may resume the uptrend.
The H1 chart shows another ascending impulse after the convergence, which may reach 76.0% fibo at 0.6995. If the price breaks the support at 0.6776, it may resume the mid-term downtrend.
USDCAD, “US Dollar vs Canadian Dollar”
The H4 chart shows a pullback after the divergence. The first rising impulse has reached 23.6% fibo and may later jump towards 38.2%, 50.0%, and 61.8% fibo at 1.3832, 1.3991, and 1.4151 respectively. The support is the low at 1.3315.
The H1 chart shows a more detailed structure of the descending correctional movement after the divergence on MACD. The descending wave has reached 38.2% fibo and may later continue towards 50.0% fibo at 1.3515. If the price breaks the resistance at 1.3715, the mid-tern uptrend may resume.
