AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD has got very close to 61.8% fibo at 0.7129 but the divergence on MACD indicates that the uptrend is over. In the short-term, one can expect the pair to fall towards 23.6%, 38.2%, 50.0%, and 61.8% fibo at 0.6697, 0.6484, 0.6287, and 0.6102 respectively. If the pair breaks the resistance at 0.7064, the instrument may resume the uptrend.
The H1 chart shows a more detailed structure of the trend reversal after the divergence on MACD. The closest downside targets may be at 23.6% and 38.2% fibo at 0.6697 and 0.6484 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the descending wave has tested 76.0% fibo while MACD is forming a convergence, which may indicate a possible trend reversal. If the price breaks the current resistance at 61.8% fibo (1.3607), USDCAD will reverse and start a new rising wave to reach the high at 1.4668.
In the H1 chart, there is a convergence on MACD and the pair is reversing to start a new growth. The closest upside targets may be 23.6% and 38.2% fibo at 1.3634 and 1.3832 respectively. The support is the low at 1.3315.
