AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, the mid-term downtrend continues. However, the convergence made AUDUSD start a short-term correction to the upside, which has already reached the retracement of 38.2%. The next targets of the correction may be the retracements of 50.0%, 61.8%, and 76.0% at 0.7924, 0.7974, and 0.8034 respectively. The support level is at 0.7812.
In the H1 chart, the divergence made AUDUSD reverse and start a new descending movement, which has already reached the retracement of 23.6% and may continue towards the retracements of 38.2% and 50.0% at 0.7839 and 0.7818 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after a short-term correction to the downside, USDCAD started a new ascending impulse, which has already reached the retracement of 38.2% at 1.2791. However, the price may yet complete this impulse, reverse, and start a new descending one towards the retracements of 50.0% and 61.8% at 1.2726 and 1.2662 respectively. After breaking the current high at 1.3000, the instrument may trade towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3078 and 1.3126 respectively.
In the H1 chart, the pair is trading towards the high at 1.3000.
RoboForex Analytical Department