AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after breaking the low, AUDUSD has started a new correction. The possible targets may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.6998 and 0.6943 respectively. The key resistance level is t 0.7260.
In the H1 chart, the pair is being corrected and has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2% and 50.0% at 0.7145 and 0.7178 respectively. The support level is the low at 0.7041.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is forming a new rising impulse, which has already reached the retracement of 61.8%. The next upside target may be the retracement of 76.0% at 1.3118. The support level is at 1.2952.
In the H1 chart, the correctional uptrend is heading towards the retracement of 76.0% at 1.3118. At the same time, the divergence is being formed, which may indicate that after reaching its upside targets USDCAD may reverse and start a new decline towards the retracements of 23.6%, 38.2%, 50.0%, and 61.8% at 1.3039, 1.2990, 1.2952, and 1.2911 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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