AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is trading upwards; it has already tested the retracement of 50.0%. The next upside targets may be the retracements of 61.8% and 76.0% at 0.7183 and 0.7225 respectively. The support level is the retracement of 23.6% at 0.7072.
In the H1 chart, the pair has been corrected by 50.0%. At the same time, the support is the retracement of 38.2% at 0.7115. After finishing the pullback, the instrument may resume growing towards the retracements of 61.8% and 76.0% at 0.7183 and 0.7225 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after reaching the retracement of 61.8%, the correction is transforming into the Triangle. The next rising impulse will be heading to break the high at 1.3467. If the price breaks the pattern upwards, the instrument may continue growing to reach the retracement of 76.0% at 1.3522 and then the high at 1.3665.
In the H1 chart, USDCAD is trying to form another descending wave. The first descending impulse has reached the retracement of 61.8%. The next target will be the retracement of 76.0% at 1.3302. If later the price reaches the low at 1.3284 and breaks it, the instrument may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3255 and 1.3246 respectively.
