AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after AUDUSD plummeted, there was a convergence on MACD, which made the pair start a new correctional uptrend. By now, the price has already reached the retracement of 38.2%. The next possible targets may be the retracements of 50.0% and 61.8% at 0.7340 and 0.7525 respectively. The support level is at 0.6921.
In the H1 chart, AUDUSD is trading upwards and there is a divergence on MACD at the same time. As a result, the price is expected to start a new pullback after reaching its targets.
USDCAD, “US Dollar vs Canadian Dollar”
In the daily chart, there was a divergence on MACD and after completing the uptrend, USDCAD started forming a quick wave to the downside, which has already reached the retracement of 23.6%. In the long-term, this wave may continue towards the retracements of 38.2%, 50.0%, and 61.8% at 1.3055, 1.2864, and 1.2676 respectively. The resistance level is at 1.3665.
As we can see in the H4 chart, the pair is forming a new descending correction inside the long-term uptrend, which has already reached the retracement of 50.0%. The next targets may be the retracements of 61.8% and 76.0% at 1.3122 and 1.2998 respectively.
In the H1 chart, there is a convergence on MACD, that’s why the downtrend is slowing down and the pair may start a new pullback. The possible targets are the retracements of 23.6%, 38.2%, and 50.0% at1.3295, 1.3366, and 1.3423 respectively.
