AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, after breaking the high at 0.7064 and then reaching the long-term 61.8% fibo, AUDUSD continues testing the area around it. The next upside target may be 76.0% fibo at 0.7503. At the same time, the MACD indicator is forming a divergence, which may hint at a possible correction to the downside soon. The closest correctional target may be 50.0% fibo at 0.6820.
As we can see in the H1, AUDUSD is testing the upside border of the post-correctional extension area between 138.2% and 161.8% fibo at 0.7174 and 0.7241 respectively. The local divergence confirms a possible pullback. In this case, the downside targets may be 23.6%, 38.2%, and 50.0% fibo at 0.7145, 0.7085, and 0.7036 respectively. The resistance is the high at 0.7241.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after completing a short-term pullback, USDCAD has broken the low at 1.3315. Later, the instrument may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3164 and 1.3066 respectively and then the fractal low at 1.2951. The key resistance is at 1.3715.
The H1 chart shows a descending wave towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3164 and 1.3066 respectively. The local resistance is at 1.3315.
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.