AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the convergence made the pair start a new growth; by now, it has fixed above 23.6% fibo. In the nearest future, AUDUSD may start a new pullback and return to this level. After the pullback, the correctional uptrend may continue towards 38.2% and 50.0% fibo at 0.6909 and 0.6983 respectively. The key support is the fractal at 0.6670.
In the H1 chart, AUDUSD is correcting downwards after the divergence and has already reached 23.6% fibo. The next downside targets may be 38.2% and 50.0% fibo at 0.6821 and 0.6802 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the daily chart, USDCAD has been moving between 23.6% and 38.2% fibo for quite a long time; right now, the pair is again moving to test 38.2% fibo and the low at 1.3015, which means that the price is probably about to start a new descending impulse within the bearish trend. The next downside targets inside the post-correctional extension area between 138.2% and 161.8% fibo at 1.2877 and 1.2789 respectively. Moreover, mid-term 50.0% fibo at 1.2865 is also there.
The H4 chart shows more detailed structure of the current decline after the divergence. The closest downside target is the low at 1.3015.
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.