AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after breaking the previous low, AUDUSD has reached 61.8% fibo. Right now, the pair is forming a new short-term correction towards the resistance at 50.0% fibo at 0.6921. After finishing the correction, the price may continue falling. The closest downside targets may be the post-correctional extension area between 138.2% and 161.8% fibo at 0.6806 and 0.6768 respectively, and then 76.0% fibo at 0.6727.
In the H1 chart, AUDUSD is being corrected upwards and has already reached 38.2% fibo. In the future, the growth may continue towards 50.0% and 61.8% fibo at 0.6926 and 0.6949 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after completing the long-term pullback, USDCAD is forming another descending wave. Right now, the pair is testing the previous low. The targets of the current decline are 76.0% fibo at 1.3188, the post-correctional extension area between 138.2% and 161.8% fibo at 1.3168 and 1.3121 respectively, and the key long-term low at 1.3068. The resistance is at 1.3432.
In the H1 chart, the pair is steadily trading downwards to reach 76.0% fibo at 1.3188.
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.