AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is plummeting and probably forming a new impulse inside the long-term downtrend; the price has broken the retracement of 76.0% and right now is trading towards the low at 0.7021. If the pair breaks the low, it may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.6880 and 0.6791 respectively. However, after breaking the key resistance at 0.7393, the instrument may continue the long-term correction to the upside to reach the retracement of 38.2% at 0.7447.
In the H1 chart, AUDUSD is trading downwards and getting closer to the low at 0.7021. At the same time, there is a convergence on MACD, which indicates a possible pullback after the price reaches its targets.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after testing the previous high and the resistance, USDCAD is still moving upwards. The current ascending impulse is moving towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3617 and 1.3758 respectively. The support is at 1.3155.
In the H1 chart, the pair is trading upwards and getting closer to the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3517 and 1.3562 respectively. The support is at 1.3444. However, there is divergence on MACD, which indicates a possible short-term pullback after the instrument reaches the target area.
