AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after finishing the rising wave, AUDUSD is correcting to the downside and has already transformed the Flag-shaped channel into a proper bearish wave, just as expected; it has already reached 23.6% fibo. Later, it may continue towards 38.2% and 50.0% fibo at 0.7503 and 0.7405 respectively. The resistance is the high at 0.7820.
The H1 chart shows that the pair is forming a local pullback, which has already reached 23.6% fibo and may later continue towards 38.2%, 50.0%, and 61.8% fibo at 0.7662, 0.8692, and 0.7723 respectively. On the other hand, a breakout of the low at 0.7564 may result in a further mid-term correction.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is still forming a correctional uptrend after a convergence on MACD. The first wave is heading towards 23.6% fibo at 1.2985, while the next ones may reach 38.2% and 50.0% fibo at 1.3228 and 1.3426 respectively. The support is the low at 1.2589.
The H1 chart shows a correction in the form of a Triangle pattern. The first descending wave has already reached 50.0% fibo at 1.2735. Later, the pair may resume growing towards the high at 1.2881.
