AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, after updating the high, AUDUSD has failed to continue the uptrend. The current situation may be described as a test of the long-term 61.8% fibo. The next upside target may be 76.0% fibo at 0.7503. At the same time, the MACD indicator is forming a divergence, which may hint at a possible correction to the downside soon. The closest correctional target may be the support not far from 50.0% fibo at 0.6820.
As we can see in the H1, after re-testing the upside border of the post-correctional extension area between 138.2% and 161.8% fibo at 0.7174 and 0.7241 respectively and the divergence on MACD, the pair started falling and even broke 23.6% fibo but was stopped by the convergence and transformed into a new rising impulse. The next descending wave may reach 38.2%, 50.0%, and 61.8% fibo at 0.7086, 0.7038, and 0.6989 respectively. The resistance is the high at 0.7243.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after breaking the low at 1.3315, USDCAD has formed another pullback towards 1.3411. Later, the instrument may resume falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3164 and 1.3066 respectively.
The H1 chart shows a more detailed structure of the descending wave, which is heading towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3164 and 1.3066 respectively.
