AUDUSD, “Australian Dollar vs US Dollar”
The H4 chart hasn’t changed much over the week. The divergence on MACD made AUDUSD start a new decline after reaching the long-term 61.8% fibo at 0.7129. The downside targets are 23.6%, 38.2%, 50.0%, and 61.8% fibo at 0.6697, 0.6484, 0.6287, and 0.6102 respectively. If the pair breaks the resistance at 0.7064, the instrument may resume the uptrend.
As we can see in the H1 chart, the divergence on MACD made the pair complete the descending wave and start a new short-term correctional uptrend, which has already reached 61.8% fibo. In the future, the pullback may continue towards 76.0% fibo at 0.6995. If the price breaks the support at 0.6776, it may resume the mid-term downtrend.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the pair is trading upwards after the convergence and has already reached 23.6% fibo. Later, the market may continue growing towards 38.2% and 50.0% fibo at 1.3832 and 1.3990 respectively. The support is the low at 1.3315.
In the H1 chart, the divergence on MACD made the pair start a new short-term decline, which tested 50.0% fibo at 1.3500 several times but failed to break it. Possibly, the next impulse may succeed and then reach 61.8% fibo at 1.3457. If the price breaks the resistance at 1.3686, the mid-tern uptrend may resume.
