AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, the convergence made the pair finish the correction, which almost reached the retracement of 76.0%, reverse upwards, and start a new ascending impulse. By now, this impulse has already reached the retracement of 23.6%. The next upside targets may be the retracements of 38.2%, 50.0%, and 61.8% at 0.7850, 0.7905, and 0.7960 respectively. The support level is at 0.7672.
As we can see in the H1 chart, AUDUSD has been corrected to the upside by 38.2% and may continue growing towards the retracements of 50.0% and 61.8% at 0.7794 and 0.7823 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the divergence made USDCAD reverse and start a new descending impulse, which has already reached the retracement of 38.2% at 1.2868. The next downside targets may be the retracements of 50.0% and 61.8% at 1.2787 and 1.2707 respectively.
In the H1 chart, the situation is similar and confirms the scenario described above.
RoboForex Analytical Department
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.