AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the divergence made AUDUSD correct the previous rising wave by 61.8%. Right now, the pair is forming another ascending wave, which continues the correctional uptrend. If the price reaches the high at 0.7048 and breaks it, the instrument may continue trading towards 61.8% and 76.0% fibo at 0.7063 and 0.7115 respectively.
In the H1 chart, the local divergence made the pair reverse and start a quick growth, which has already reached 50.0% fibo at 0.6979. The next upside targets are 61.8% and 76.0% fibo at 0.6995 and 0.7015 respectively, as well as the high at 0.7048. The support is the local low at 0.6910.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after the convergence, USDCAD is testing 38.2% fibo. After breaking it, the pair may continue falling towards 50.0% fibo at 1.2864. The current resistance is at 23.6% fibo at 1.3587.
In the H1 chart, USDCAD is trading sideways. Expecting the pair to break the downside border and continue falling, one should pay attention that the psychologically-crucial of 1.3000 is very close. Possibly, a new pullback may start from this area.
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.