AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after AUDUSD plummeted, there was a convergence on MACD, which made the pair start a new correctional uptrend. By now, the price has already reached the retracement of 38.2%. The next possible targets may be the retracements of 50.0% and 61.8% at 0.7340 and 0.7525 respectively. The support level is at 0.6921.
In the H1 chart, AUDUSD is trading upwards and there is a divergence on MACD at the same time. As a result, the price is expected to start a new pullback after reaching its targets.
USDCAD, “US Dollar vs Canadian Dollar”
In the daily chart, there was a divergence on MACD and after completing the uptrend, USDCAD started forming a quick wave to the downside, which has already reached the retracement of 23.6%. In the long-term, this wave may continue towards the retracements of 38.2%, 50.0%, and 61.8% at 1.3055, 1.2864, and 1.2676 respectively. The resistance level is at 1.3665.
As we can see in the H4 chart, the pair is forming a new descending correction inside the long-term uptrend, which has already reached the retracement of 50.0%. The next targets may be the retracements of 61.8% and 76.0% at 1.3122 and 1.2998 respectively.
In the H1 chart, there is a convergence on MACD, that’s why the downtrend is slowing down and the pair may start a new pullback. The possible targets are the retracements of 23.6%, 38.2%, and 50.0% at1.3295, 1.3366, and 1.3423 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.