AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the divergence made AUDUSD start a new pullback. After completing the pullback, the price may resume its decline. The downside targets may be the retracements of 50.0% and 61.8% at 0.6921 and 0.6833 respectively. The resistance level is still the high at 0.7295.
In the H1 chart, the divergence on MACD made the pair reverse and start a new descending impulse, which has already reached the retracement of 38.2%. The next short-term targets may be the retracements of 50.0%, 61.8%, and 76.0% at 0.7051, 0.7039, and 0.7026 respectively. The key short-term target is the low at 0.7003.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the correctional uptrend has reached the retracement of 61.8%. The current decline is heading towards the short-term support, which is the retracement of 23.6% at 1.3209. The key downside target is the low at 1.3068.
In the H1 chart, the divergence on MACD made the pair start a new decline, which is heading towards the retracements of 61.8% and 76.0% at 1.3259 and 1.3209 respectively. The key support level is the low at 1.3130.
