AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the current correctional uptrend has already reached 50.0% fibo and may yet continue towards 61.8% fibo at 0.6927, but this scenario is very unlikely. At the moment, the price is starting a new mid-term decline; the downside target is the low at 0.6677.
In the H1 chart, AUDUSD has already reached 50.0%. The next targets may be 61.8% and 76.0% fibo at 0.6766 and 0.6737 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD has completed the correction at 61.8% fibo and right now is starting a new descending impulse to reach the high at 1.3382 and then 76.0% fibo at 1.3433.
In the H1 chart, there is a divergence on MACD, which may indicate a new pullback. The targets of this pullback may be 23.6%, 38.2%, 50.0%, and 61.8% fibo at 1.3268, 1.3243, 1.3222, and 1.3201 respectively. The resistance is the high at 1.3310.
