AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, the correctional uptrend continues. AUDUSD is heading towards 50.0% and 61.8% fibo at 0.7018 and 0.7062 respectively. After finishing the correction, the price may resume falling to break the low at 0.6831 and then continue moving towards the mid-term target at 76.0% fibo at 0.6727.
In the H1 chart, AUDUSD is growing towards 50.0% fibo at 0.7018. At the same time, there is a divergence on MACD, which may indicate a trend reverse quite soon.
USDCAD, “US Dollar vs Canadian Dollar”
In case of USDCAD, it’s better to analyze the mid-term trading situation on the daily chart. As we can see, USDCAD is forming another descending wave; it has almost reached 38.2% fibo at 1.3053. The next target of the current decline may be 50.0% fibo at 1.2864. The key resistance is at 1.3665.
As we can see in the H4 chart, the pair is steadily trading downwards towards its long-term target at 38.2% fibo at 1.3053. At the same time, there is a convergence on MACD, which indicates a possible pullback soon with the target at 23.6% fibo at 1.3288.
