AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, the downtrend continues towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7634 and 0.7587 respectively. At the same time, one can see the convergence being formed, which may indicate a possible reverse. In this case, the upside targets may be the retracements of 23.6%, 38.2%, 50.0%, and 61.8% at 0.7760, 0.7830, 0.7888, and 0.7948 respectively.
As we can see in the H1 chart, the convergence is being formed, which may indicate a possible pullback. The targets of this pullback may be the retracements of 23.6%, 38.2%, and 50.0% at 0.7707, 0.7747, and 0.7780 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the divergence made USDCAD reverse and start a new downtrend, which has already reached the retracement of 38.2% at 1.2790. The next downside targets may be the retracements of 50.0% and 61.8% at 1.2685 and 1.2582 respectively. The resistance is the high at 1.3124.
In the H1 chart, the convergence made the pair reverse and start a new correction, which has reached the retracement of 38.2%. The next targets may be the retracements of 50.0% and 61.8% at 1.2968 and 1.3004 respectively.
RoboForex Analytical Department