AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after breaking 38.2% fibo, the “bearish” correctional wave has failed to reach 50.0% fibo at 0.7500. At the same time, there is a local divergence on MACD, which may indicate a possible reversal and a new ascending movement towards the high at 0.8007 and the post-correctional extension area between 138.2% and 161.8% fibo at 0.8175 and 0.8281 respectively. On the other hand, if the price fails to break the high, the instrument may start a new descending wave to reach 50.0% and 61.8% fibo at 0.7500 and 0.7380 respectively.
The H1 chart shows a more detailed structure of the current ascending correction after a convergence with the targets at 23.6%, 38.2%, 50.0%, 61.8%, an 76.0% fibo at 0.7668, 0.7732, 0.7785, 0.7837, and 0.7900 respectively. A breakout of the support at 0.7563 will lead to a further mid-term downtrend.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is correcting upwards after completing another wave to the downside. After reaching 50.0% fibo, the pair has reversed but may soon resume growing towards 50.0% and 61.8% fibo at 1.2683 and 1.2756. respectively.
The H1 chart shows a short-term correctional downtrend after the rising wave, which is approaching 23.6% fibo at 1.2567 and may later continue towards 38.2% and 50.0% fibo at 1.2528 and 1.2497 respectively. The key support is the low at 1.2365, while the resistance is the high at 1.2629.
