AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the correction has failed to teach even 23.6%% fibo at 0.6318. After breaking the high at 0.6569, AUDUSD may continue growing towards the fractal high at 0.6684. At the same time, while the asset is moving upwards, there is a divergence on MACD, which may indicate a possible pullback after the instrument reaches its target.
In the H1 chart, AUDUSD may reach the fractal high at 0.6684 and then start a new pullback towards 23.6% and 38.2% fibo at 0.6406 and 0.6234 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the highs are slowly going down while the lows remain at the same level. The convergence on MACD made USDCAD start a new pullback, which has already reached 38.2% fibo. If re-testing the low at 1.3850 results in a rebound, the next rising impulse may reach 50.0% fibo at 1.4258. However, if the pair breaks the low, the instrument may continue the mid-term downtrend towards 50.0% and 61.8% fibo at 1.3808 and 1.3606 respectively.
In the H1 chart, after finishing the descending impulse, the pair is forming a short-term pullback, which has already reached 23.6% fibo and may yet continue towards 38.2% and 50.0% fibo at 1.3971 and 1.4004 respectively. The support is the low at 1.3866. after breaking it, the asset may continue trading downwards.
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.