AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is moving upwards, but the mid-term correction continues. The pair is heading towards 38.2% fibo at 0.6831 and may later reach 50.0% and 61.8% fibo at 0.6880 and 0.6928 respectively. After breaking the local support at 0.6677, the instrument may continue falling to reach the long-term low at 0.6547.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after breaking the previous high and testing 61.8% fibo, USDCAD couldn’t reach 76.0% fibo at 1.3433. There was a divergence on MACD, which made the pair start a new decline. By now, this decline has already reached 38.2% fibo and may yet continue towards 50.0%, 61.8%, and 76.0% fibo at 1.3198, 1.3156, and 1.3104 respectively. The local resistance is at 1.3295.
The H1 chart shows more detailed structure of the current decline. USDCAD is getting closer to 50.0% fibo at 1.3198.
