AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD has completed the correction at the retracement of 61.8%. Right now, the price is trading downwards to break the low at 0.7054. If it succeeds, the mid-term bearish correction will continue towards the retracement of 38.2% at 0.7010.
The H1 chart shows more detailed structure of the current decline after the divergence. The key downside targets may be the retracements of 38.2% and 50.0% at 0.7010 and 0.6921 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the correctional downtrend has reached the retracement of 61.8%. Right now, the pair is trying to reverse and start a new short-term pullback. After that, the price may continue falling towards the retracement of 76.0% at 1.3133 and the low at 1.3068. However, the instrument may yet start a proper rising impulse instead of a pullback and move to reach the high at 1.3340. After breaking it, USDCAD may continue growing towards the retracement of 50.0% at 1.3366.
In the H1 chart, the price is being corrected upwards. The possible targets are the retracements of 50.0%, 61.8%, and 76.0% at 1.3216, 1.3231, and 1.3250 respectively.
