AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after completing the first descending wave at 50.0% fibo, AUDUSD is correcting upwards very slowly and has already reached 38.2% fibo. Later, it may continue up to the resistance at 23.6% (0.6946). After finishing the correction, the instrument may resume trading downwards to reach 61.8% and 76.0% fibo at 0.6808 and 0.6757 respectively.
The H1 chart shows more detailed structure of the current correction. At the moment, the pair is trading between 23.6% and 38.2% fibo. If the price breaks the local high, it may start a new rising impulse towards 50.0% fibo at 0.6940. The support is close to the low at 0.6849.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after pushing the rising correctional impulse towards 38.2% fibo, USDCAD is moving sideways. Later, the market may break this sideways channel and resume growing to reach 50.0% and 61.8% fibo at 1.3140 and 1.3184 respectively. The support is the low at 1.2951. If the price breaks it, the instrument may continue the descending tendency towards the mid-term target at 1.2864.
The H1 chart shows the sideways channel after the first rising wave. By now, the pair has corrected by 50.0% and the sideways movement may continue down to 61.8% fibo at 1.3010. If the price breaks the resistance at 1.3105, the ascending tendency will continue.
