AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the downtrend continues; AUDUSD is trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7310 and 0.7274 respectively. The resistance level is at 0.7410.
As we can see in the H1 chart, the pair is falling towards the post-correctional extension area. At the same time, the convergence is being formed, which may indicate a new pullback upwards after the price reaches its targets.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is trading upwards. The price has broken the high and may continue moving to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3356 and 1.3497 respectively. The support level is at 1.3125.
The H1 chart shows more detailed structure of the current movement. The divergence that is being formed may indicate that the instrument may reach its targets and then resume falling. The possible downside targets may be the retracements of 23.6%, 38.2%, and 50.0%.
