AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the divergence made AUDUSD start a new downtrend. The current decline is testing the local low in order to break it and then continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.6927 and 0.6878 respectively. The resistance level is the retracement of 61.8% at 0.7080.
In the H1 chart, the pair is testing the low.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the convergence made USDCAD reverse and start a new rising wave, which has already reached the retracement of 76.0% at 1.3522. The support level is the retracement of 61.8% at 1.3437. The key upside target is the high at 1.3665.
In the H1 chart, after reaching 1.3522, USDCAD is trading downwards. The downside correctional targets may be the retracements of 23.6%, 38.2%, 50.0%, and 61.8% at 1.3478, 1.3450, 1.3428, and 1.3407 respectively.
