Article By RoboForex.com
AUDUSD, “Australian Dollar vs US Dollar”
On H4, the wave of correctional growth after the convergence did not demonstrate any impressive move. Further growth is not excluded, but the priority is further development of the downtrend to 50.0% (0.7500) and 61.8% (0.7380) Fibo. The resistance is still at the high of 0.8007.
On H1, the correctional growth reached just 23.6% Fibo. After a local divergence, the decline will head for 0.7532, and a breakaway here will signal further development of the medium-term downtrend. However, in case of a bounce, the wave of growth will head for 38.2% (0.7713) and 50.0% (0.7769).
Free Reports:
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
USDCAD, “US Dollar vs Canadian Dollar’
On H4, the market remains in the correctional phase after a wave of growth to 50.0% Fibo. The fact that the declining wave has not dropped to the low and support at 1.2365 might mean that buyers are strong. When the correctional phase is over, growth might continue to 61.8% (1.2683) and 76.0% (1.2757), but the main goal is the local high of 1.2881.
On H1, one can see the inner construction of the correctional phase. The declining wave has reached 50.0% and finished in a convergence. Subsequent growth did not break through 1.2647, which might mean a possible decline to 61.8% (1.2473). However, if the high is broken away, an impulse of rapid growth might form.
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
- COT Soft Commodities Charts: Large Speculator bets led by Corn & Soybean Oil Nov 16, 2024
- COT Stock Market Charts: Speculator Bets led by MSCI EAFE & VIX Nov 16, 2024
- The Dollar Index strengthened on Powell’s comments. The Bank of Mexico cut the rate to 10.25% Nov 15, 2024
- EURUSD Faces Decline as Fed Signals Firm Stance Nov 15, 2024
- Gold Falls for the Fifth Consecutive Trading Session Nov 14, 2024
- Profit-taking is observed on stock indices. The data on wages in Australia haven’t met expectations Nov 13, 2024
- USD/JPY at a Three-Month Peak: No One Opposes the US Dollar Nov 13, 2024
- Can Chinese Tech earnings offer relief for Chinese stock indexes? Nov 13, 2024
- Bitcoin hits an all-time high above $88,000. Oil remains under pressure Nov 12, 2024
- Brent Crude Stumbles as Market Sentiments Turn Cautious Nov 12, 2024
