AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is trading downwards steadily; it has already reached the retracement of 50.0%. The next downside target may be the retracement of 61.8% at 0.6832. At the same time, there is a convergence on MACD, which may indicate a possible pullback after the price reaches its target. The resistance is at 0.7009.
In the H1 chart, there is a local convergence on MACD, which may indicate a possible rising correction towards the retracements of 23.6%, 38.2%, and 50.2% at 0.6965, 0.7011, and 0.7048 respectively. The support is the low at 0.6891.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, there was a divergence on MACD, which made the pair start a new descending correction, which has already reached the retracement of 23.6%. After breaking the current consolidation range to the downside, the instrument may continue falling towards the retracements of 38.2%, 50.0%, and 161.8% at 1.3349, 1.3296, and 1.3242 respectively. The upside border of the range is at 1.3522.
In the H1 chart, the divergence made the pair start a new decline, which has already reached the retracement of 50.0%. The next downside targets may be the retracements of 61.8% and 76.0% at 1.3423 and 1.3407 respectively, as well as the local low at 1.3380. The resistance level is the high at 1.3493.
