AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, the divergence made AUDUSD finish the uptrend, reverse, and start a new descending impulse, which has already broken the short-term lows and entered the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7578 and 0.7539 respectively.
As we can see in the H1 chart, the convergence is being formed inside the post-correctional extension area. In this case, it may be assumed that the pair is getting ready for a new ascending correction. The possible targets of this correction are the retracements of 23.6, 38.2%, and 50.0% at 0.7612, 0.7651, and 0.7682 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the convergence made USDCAD reverse and start a new uptrend, which has already reached the retracement of 61.8%. The next upside target may be the retracement of 76.0% at 1.2980. The support level is at 1.2755.
In the H1 chart, the pair is being corrected downwards. The possible targets of this correction are the retracements of 23.6, 38.2%, 50.0%, and 61.8% at 1.2810, 1.2755, 1.2713, and 1.2670 respectively.
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.