AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the daily chart, having completed the correction, the asset is forming a new wave to the downside and re-testing 38.2%. The downside targets are 50.0% and 61.8% fibo at 0.6758 and 0.6464 respectively. The resistance is the high at 0.8007.
In the H4 chart, after completing the correctional uptrend above 50.0% fibo, the asset is forming a new descending wave, which has already broken 76.0% fibo and is currently heading towards the low at 0.6991. If the price breaks the low, it may continue the mid-term descending tendency. The local resistance is at 0.7314.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the current correction is transforming into a new rising wave, which may be heading towards the high at 1.2963. However, on its way to the high, the asset must break 61.8% and 76.0% fibo at 1.2767 and 1.2840 respectively. A breakout of the high at 1.2963 will result in a further uptrend towards the long-term 38.2% fibo at 1.3023. Another scenario implies that the price may complete its growth and resume falling to reach the support at 1.2450.
The H1 chart shows that the rising wave has reached 50.0% fibo. At the same time, there is divergence on MACD, which may hint at a possible pullback. If the price breaks 23.6%, 38.2%, and 50.0% fibo at 1.2677, 1.2633, and 1.2599 respectively, the instrument will continue falling to reach the low at 1.2450.
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.