AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is still being corrected to the upside after finishing the previous long-term downtrend and has already reached the retracement of 23.6%. The next possible targets may be the retracements of 38.2% and 50.0% at 0.7447 and 0.7578 respectively. The support level is the low at 0.7021.
In the H1 chart, the uptrend has reached the post-correctional extension area between the retracements of 138.2% and 161.8%. The next target may be the retracement of 261.8% at 0.7382. However, there is a divergence on MACD, which may indicate a new pullback in the nearest future towards the support level at 0.7182.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the divergence made USDCAD reverse and start a new descending correction, which has already reached the retracement of 23.6%. The next possible targets may be the retracements of 38.2%, 50.0%, and 61.8% at 1.3023, 1.2976, and 1.2931 respectively. The resistance level is the high at 1.3170. If the price breaks it, the instrument may continue trading to reach the retracement of 76.0% at 1.3241.
In the H1 chart, the pair is moving sideways. The next descending impulse may trade towards the retracements of 38.2% and 50.0% at 1.3023 and 1.2976 respectively.
