AUD USD, “Australian Dollar vs US Dollar”
At the H4 chart, the AUD/USD pair completed the convergence and started a new ascending correction, which has already reached the retracement of 23.6%. The next targets may be the retracement of 38.2%, 50.0% and 61.8% at 0.7873, 0.70917, and 0.7961 respectively. The support level is close to the low at 0.7733.
As we can see at the H1 chart, the pair is trading towards the retracement of 38.2% at 0.7873. After reaching this level, the price may start a short-term correction.
USD CAD, “US Dollar vs Canadian Dollar”
At the H4 chart, the USD/CAD pair finished the divergence and then started a new descending correction, which has already reached the retracement of 38.2% at 1.2392. if the correction continues, then next targets will be the retracements of 50.0% and 61.8% at 1.2329 and 1.2266 respectively.
As we can see at the H1 chart, the pair may start a short-term ascending correction towards 1.2471. but the more “ambitious” target of the correction may be the retracement of 50.0% at 1.2494.
RoboForex Analytical Department