AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the divergence made the pair complete its growth at 38.2% fibo and start a new descending wave, which has already reached 50.0% fibo. The next downside targets may be 61.8% and 76.0% fibo at 0.6769 and 0.6732 respectively. However, the key downside target is the low at 0.6670.
In the H1 chart, the pair is testing 50.0% fibo and may later reach 61.8% fibo at 0.6769. At the same time, there is a convergence on MACD, which may indicate a new pullback towards the local resistance at 0.6868.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD continues forming the ascending impulse, which is getting close to 76.0% fibo at 1.3274. However, the key upside target is the fractal high at 1.3348. Also, we should pay attention to the divergence on MACD, which may indicate a possible pullback soon.
In the H1 chart, there is a divergence on MACD, while the pair is getting close to 76.0% fibo at 1.3208. Possibly, after reaching the target, the instrument may start a new pullback towards 23.6%, 38.2%, and 50.0% fibo at 1.3242, 1.3219, and 1.3198 respectively.
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.