AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, the divergence made AUDUSD finish the uptrend, reverse, and start a new descending impulse, which has already broken the short-term lows and entered the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7578 and 0.7539 respectively.
As we can see in the H1 chart, the convergence is being formed inside the post-correctional extension area. In this case, it may be assumed that the pair is getting ready for a new ascending correction. The possible targets of this correction are the retracements of 23.6, 38.2%, and 50.0% at 0.7612, 0.7651, and 0.7682 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the convergence made USDCAD reverse and start a new uptrend, which has already reached the retracement of 61.8%. The next upside target may be the retracement of 76.0% at 1.2980. The support level is at 1.2755.
In the H1 chart, the pair is being corrected downwards. The possible targets of this correction are the retracements of 23.6, 38.2%, 50.0%, and 61.8% at 1.2810, 1.2755, 1.2713, and 1.2670 respectively.
RoboForex Analytical Department