AUD USD, “Australian Dollar vs US Dollar”
At the H4 chart, the downtrend continues. The AUD/USD pair is trading towards the retracement of 50.0% at 0.7728. The next target is the retracement of 61.8% at 0.7636. The resistance for the current movement is the high at 0.8123.
As we can see at the H1 chart, the pair is still falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7750 and 0.7726 respectively. The more “ambitious” target is the retracement of 261.8%, which is the same as the one 0f 61.8% from the H4 chart.
USD CAD, “US Dollar vs Canadian Dollar”
As we can see at the H4 chart, the USD/CAD pair is still moving to the upside. The price is trading towards the retracement of 38.2% at 1.2718. However, at the same time the instrument is forming the divergence, which may indicate a possible reverse. The support level is close to the low at 1.2057.
At the H1 chart, the pair entered the post-correctional extension area between the retracements of 138.2% and 161.8%. The next upside target is the retracement of 261.8% at 1.2680. Taking into account the divergence, we may assume that the main targets of a possible reverse or a correction may be the retracements of 50.0% and 61.8% at 1.2385 and 1.2308 respectively.
RoboForex Analytical Department