AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the daily chart, the long-term rising tendency continues; the pair has already broken 38.2% fibo and right now it trying to fix above it to continue growing towards 50.0% fibo at 0.8292. However, at the same time, there is a divergence on MACD, which may indicate a possible pullback soon. The support is at 23.6% fibo (0.6820).
The H4 chart a new descending pullback after a local divergence on MACD. The first correctional wave may be heading towards 23.6% fibo at 0.7624 and then 38.2%, 50.0%, and 61.8% fibo at 0.7504, 0.7405, and 0.7397 respectively. However, if the asset completes the pullback and breaks the high at 0.7820, AUDUSD may continue growing to enter the post-correctional extension area between 138.2% and 161.8% fibo at 0.7880 and 0.7917 respectively.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the daily chart, USDCAD continues trading downwards and has already reached 76.0% fibo. In this case, the next downside target may be close to the fractal low at 1.2061. At the same time, there is a convergence on MACD, which may hint at a new pullback towards the resistance at 61.8% fibo (1.3057).
In the H4 chart, a convergence on MACD made the pair complete its local correction at 23.6% fibo and start a new descending wave continue the downtrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.2552 and 1.2503 respectively after breaking the low at 1.2630. At the same time, one shouldn’t exclude a rebound from the low and a breakout of the resistance at 1.2835. In this case, the price may continue the correction to reach 38.2% and 50.0% fibo at 1.2921 and 1.3010 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.