AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, the convergence made AUDUSD finish the downtrend, reverse, and start a new rising correction, which has already reached the retracement of 23.6%. The next upside targets may be the retracements of 38.2%, 50.0%, and 61.8% at 0.7831, 0.7889, and 0.7946 respectively. The support level is the short-term low at 0.7642.
As we can see in the H1 chart, the pair is trading sideways near the retracement of 23.6%. The closest upside target may be at 0.7831.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the downtrend has reached the retracement of 61.8%. The next downside target may be the retracement of 76.0% at 1.2459. The short-term resistance is at 1.2917.
In the H1 chart, the convergence is being formed< which may indicate a possible correctional uptrend. The first ascending impulse has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2%, 50.0%, and 61.8% at 1.2649, 1.2681, and 1.2714 respectively.
RoboForex Analytical Department