AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is forming a rising wave towards the high at 0.7414, a breakout of which may indicate the completion of the correction. After updating the high, the asset may continue growing to reach the long-term 76.0% fibo at 0.7503, as well as the post-correctional extension area between 138.2% and 161.8% fibo at 0.7574 and 0.7675 respectively. However, one can see a divergence on MACD, which may hint at a rebound and further decline towards 23.6% and 38.2% fibo at 0.6964 and 0.6685 respectively.
The H1 chart shows the uptrend towards the high and a divergence on MACD. In this case, the pair is highly likely to rebound from the high start a new correctional decline to reach 23.6%, 38.2%, and 50.0% fibo at 0.7314, 0.7253, and 0.7202 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after completing the correctional uptrend, the pair is forming a new descending wave towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.2831 and 1.2732 respectively. The key resistance is the fractal high at 1.3420.
In the H1 chart, after breaking 50.0% fibo, the correctional uptrend has failed to reach 61.8% fibo at 1.3213. At the moment, the price is falling again towards the low at 1.2928. if the asset breaks it, the instrument may continue trading downwards to reach its mid-term targets.
