AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the divergence made AUDUSD reverse and start a new decline; the previous rising impulse was a little bit shy to reach the retracement of 50.0% at 0.7340. By now, the price has already been corrected to the downside by 23.6% and this movement may continue towards the retracements of 38.2% and 50.0% at 0.7010 and 0.6902 respectively. The resistance level is the high at 0.7295.
In the H1 chart, AUDUSD is falling to reach the retracements of 38.2% and 50.0% at 0.7010 and 0.6920 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after USDCAD had failed to reach the retracement of 38.2% at 1.3053, there was a convergence on MACD, which made the price reverse and start a new ascending correction. After breaking the retracement of 23.6%, the correction may continue towards the retracements of 38.2% and 50.0% at 1.3296 and 1.3367 respectively.
In the H1 chart, the price is trading upwards to reach the retracement of 38.2% at 1.3296.
