AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, the divergence made AUDUSD complete the uptrend at the retracement of 61.8%, reverse, and start a new descending movement, which has already reached the retracement of 50.0%. The next downside targets are the retracement of 61.8% and 76.0% at 0.7513 and 0.7476 respectively. The main resistance level is at 0.7660.
As we can see in the H1 chart, the downtrend is moving towards the retracements of 61.8% and 76.0% at 0.7513 and 0.7476 respectively. At the same time, the convergence is being formed, which may indicate a possible short-term pullback after the instrument reaches its downside targets.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is still trading sideways. Possibly, the price may start a new rising impulse. After breaking the high at 1.3067, the instrument may continue moving to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3146 and 1.3198 respectively.
The H1 chart shows more detailed structure of the current movement.
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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