AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, the convergence made AUDUSD complete the downtrend near the post-correctional extension area and start a new correction to the upside. The targets of this correction may be the retracements of 23.6%, 38.2%, 50.0%, and 61.8% at 0.7505, 0.7565, 0.7613, and 0.7660 respectively.
The H1 chart shows more detailed structure of the current movement.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the divergence made USDCAD reverse and start a new downtrend, which has already reached the retracement of 50.0%. The next downside targets may be the retracements of 61.8% and 76.0% at 1.2744 and 1.2686 respectively. The main target of the current downtrend may be the low at 1.2528. However, if the price breaks the local high at 1.2997, it may grow towards 1.3127.
In the H1 chart, the situation is the same and confirms the scenario described above.
RoboForex Analytical Department