AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the divergence made AUDUSD start a new pullback. After completing the pullback, the price may resume its decline. The downside targets may be the retracements of 50.0% and 61.8% at 0.6921 and 0.6833 respectively. The resistance level is still the high at 0.7295.
In the H1 chart, the divergence on MACD made the pair reverse and start a new descending impulse, which has already reached the retracement of 38.2%. The next short-term targets may be the retracements of 50.0%, 61.8%, and 76.0% at 0.7051, 0.7039, and 0.7026 respectively. The key short-term target is the low at 0.7003.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the correctional uptrend has reached the retracement of 61.8%. The current decline is heading towards the short-term support, which is the retracement of 23.6% at 1.3209. The key downside target is the low at 1.3068.
In the H1 chart, the divergence on MACD made the pair start a new decline, which is heading towards the retracements of 61.8% and 76.0% at 1.3259 and 1.3209 respectively. The key support level is the low at 1.3130.
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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