AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after breaking the low, AUDUSD has started a new correction. The possible targets may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.6998 and 0.6943 respectively. The key resistance level is t 0.7260.
In the H1 chart, the pair is being corrected and has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2% and 50.0% at 0.7145 and 0.7178 respectively. The support level is the low at 0.7041.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is forming a new rising impulse, which has already reached the retracement of 61.8%. The next upside target may be the retracement of 76.0% at 1.3118. The support level is at 1.2952.
In the H1 chart, the correctional uptrend is heading towards the retracement of 76.0% at 1.3118. At the same time, the divergence is being formed, which may indicate that after reaching its upside targets USDCAD may reverse and start a new decline towards the retracements of 23.6%, 38.2%, 50.0%, and 61.8% at 1.3039, 1.2990, 1.2952, and 1.2911 respectively.
