AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, AUDUSD is forming another descending impulse inside the long-term downtrend; it has already broken the previous high. The possible targets may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.6998 and 0.6944 respectively. The key resistance level is t 0.7315.
As we can see in the H1 chart, the pair is trading downwards to reach the post-correctional extension area.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the downtrend has already reached the retracement of 50.5%. The next downside target is the retracement of 61.8% at 1.2683. At the same time, the convergence is being formed, which may indicate that after reaching its downside targets USDCAD may reverse and start a new pullback towards the retracements of 23.6%, 38.2%, and 50.0% at 1.2812, 1.2891, and 1.2955 respectively.
In the H1 chart, the correctional uptrend is heading towards the retracement of 50.0% at 1.2897.
