AUD USD, “Australian Dollar vs US Dollar”
As we can see at the H4 chart, the AUD/USD pair reached 0.7710 and then started the descending correction. By now, the price has been corrected by 38.2%. The next targets of the correction may be the retracements of 50% at 0.7541 and 61.8% at 0.7500.
At the H1 chart, the pair completed the intermediate descending impulse at 0.7570, which later was corrected by 38.2%. Possibly, the correction may yet continue to reach the retracement of 50% at 0.7640. Only after breaking the local low at 0.7570, the price may finish the correction and continue moving towards 0.7541, which is the retracement of 50% (extension by 161.8%).
USD/CAD, “US Dollar vs Canadian Dollar”
At the H4 chart, the USD/CAD pair reached the retracement of 261.8%, which the biggest possible extension, and right now is finishing the descending impulse. In the mid-term, the price may fall towards 1.2582, which the retracement of 423.6%. In the near future, the pair may be corrected to the upside to reach the area at 1.3043 – 1.3103, which is the retracements of 38.2% and 50% respectively.
As we can see at the H1 chart, after finishing the convergence that indicated the completion of the descending movement, the pair started a new correction to reach the retracement of 23.6%. The closest upside target is at 1.2972, the next ones are between the retracements of 38.2% and 50% at 1.3043 and 1.3103 respectively.
RoboForex Analytical Department