Article By RoboForex.com
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD has reached 76.0% fibo. Convergence on MACD indicates a possible pullback to the upside soon. After the pullback is over, the pair may resume falling to break the local support at 0.7170 and then reach the low at 0.7106. The resistance is the local high at 0.7556.
The H1 chart of AUDUSD shows that the start of a new growth after convergence on MACD, which may be heading towards 23.6%, 38.2%, and 50.0% fibo at 0.7322, 0.7367, and 0.7403 respectively. A breakout of the local low at 0.7250 will lead to a further downtrend.
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USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the correctional uptrend in USDCAD has reached 50.0% fibo. At the same time divergence on MACD hints that a further uptrend towards 61.8% and 76.0% fibo at 1.2697 and 1.2790 is highly unlikely. The main scenario implies a new descending wave to break the low at 1.2288 and reach the long-term 76.0% fibo at 1.2233.
The H1 chart shows potential short-term downside targets – 23.6%, 38.2%, and 50.0% fibo at 1.2562, 1.2510, and 1.2468 respectively. The local resistance is the high at 1.2647.
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.
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