AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, the convergence made the pair finish the correction, which almost reached the retracement of 76.0%, reverse upwards, and start a new ascending impulse. By now, this impulse has already reached the retracement of 23.6%. The next upside targets may be the retracements of 38.2%, 50.0%, and 61.8% at 0.7850, 0.7905, and 0.7960 respectively. The support level is at 0.7672.
As we can see in the H1 chart, AUDUSD has been corrected to the upside by 38.2% and may continue growing towards the retracements of 50.0% and 61.8% at 0.7794 and 0.7823 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the divergence made USDCAD reverse and start a new descending impulse, which has already reached the retracement of 38.2% at 1.2868. The next downside targets may be the retracements of 50.0% and 61.8% at 1.2787 and 1.2707 respectively.
In the H1 chart, the situation is similar and confirms the scenario described above.
RoboForex Analytical Department