AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the divergence made AUDUSD start a new descending correction, which is heading towards the retracements of 50.0%, 61.8%, and 76.0% at 0.7207, 0.7164, and 0.7110 respectively. After finishing the correction, the price may start a new rising impulse to break the current high at 0.7393 or even reach the mid-term retracement of 38.2% at 0.7447.
In the H1 chart, the pair is getting closer towards the retracement of 50.0% at 0.7207.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD has reached the high at 1.3386; right now, the pair is testing it again. The next upside targets may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3615 and 1.3759 respectively. The support is at 1.3154.
In the H1 chart, the price is trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3435 and 1.3483 respectively.
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.
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