AUDUSD, “Australian Dollar vs US Dollar”
The H4 chart hasn’t changed much over the last couple of weeks. The divergence on MACD made AUDUSD start a new decline after reaching the long-term 61.8% fibo at 0.7129, which was stopped close to the mid-term 50.0% fibo. The key downside targets are 23.6%, 38.2%, 50.0%, and 61.8% fibo at 0.6697, 0.6484, 0.6287, and 0.6102 respectively. If the pair breaks the high at 0.7064, the instrument may resume the uptrend.
The H1 chart shows the correction after the first descending impulse, which has already reached 61.8% fibo. In the future, the pullback may continue towards 76.0% fibo at 0.6995. If the price breaks the support at 0.6776, it may resume the mid-term downtrend.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the pair is moving inside a short-term sideways channel after the convergence and the rising impulse. By now, it has already reached 23.6% fibo. Later, the market may continue growing towards 38.2%, 50.0%, and 61.8% fibo at 1.3832, 1.3991, and 1.4151 respectively. The support is the low at 1.3315.
The H1 chart shows a more detailed structure of the ascending correctional movement. The divergence on MACD made the pair start a new short-term decline, which has already tested 50.0% fibo several times. Possibly, the pair may start another descending impulse to reach 61.8% fibo at 1.3457 but this scenario is very unlikely. If the price breaks the resistance at 1.3686, the mid-term uptrend may resume.
