AUD USD, “Australian Dollar vs US Dollar”
At the H4 chart, the AUD/USD pair completed the convergence and started a new ascending correction, which has already reached the retracement of 23.6%. The next targets may be the retracement of 38.2%, 50.0% and 61.8% at 0.7873, 0.70917, and 0.7961 respectively. The support level is close to the low at 0.7733.
As we can see at the H1 chart, the pair is trading towards the retracement of 38.2% at 0.7873. After reaching this level, the price may start a short-term correction.
USD CAD, “US Dollar vs Canadian Dollar”
At the H4 chart, the USD/CAD pair finished the divergence and then started a new descending correction, which has already reached the retracement of 38.2% at 1.2392. if the correction continues, then next targets will be the retracements of 50.0% and 61.8% at 1.2329 and 1.2266 respectively.
As we can see at the H1 chart, the pair may start a short-term ascending correction towards 1.2471. but the more “ambitious” target of the correction may be the retracement of 50.0% at 1.2494.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.