AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the divergence made AUDUSD reverse and start a new decline; the previous rising impulse was a little bit shy to reach the retracement of 50.0% at 0.7340. By now, the price has already been corrected to the downside by 23.6% and this movement may continue towards the retracements of 38.2% and 50.0% at 0.7010 and 0.6902 respectively. The resistance level is the high at 0.7295.
In the H1 chart, AUDUSD is falling to reach the retracements of 38.2% and 50.0% at 0.7010 and 0.6920 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after USDCAD had failed to reach the retracement of 38.2% at 1.3053, there was a convergence on MACD, which made the price reverse and start a new ascending correction. After breaking the retracement of 23.6%, the correction may continue towards the retracements of 38.2% and 50.0% at 1.3296 and 1.3367 respectively.
In the H1 chart, the price is trading upwards to reach the retracement of 38.2% at 1.3296.
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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