Article By RoboForex.com
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.
Free Reports:
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.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
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.
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.
- Stock indices under pressure ahead of US elections. Oil strengthened due to lower inventories Oct 31, 2024
- Australia has seen a sharp decline in inflationary pressures. Silver rose to $34 an ounce Oct 30, 2024
- AUD/USD Continues Downward Spiral Amid Economic Concerns Oct 30, 2024
- GBPUSD could be in for mid-week “sneaky surprise” Oct 30, 2024
- Bitcoin has reached the $70,000 mark. The Canadian dollar fell to last year’s lows Oct 29, 2024
- Brent Crude Oil Experiences Sharp Price Decline Oct 29, 2024
- EUR/USD Weakens Amid Global Economic Uncertainty and Strong US Dollar Oct 28, 2024
- Oil, Yen tumble after weekend turmoil Oct 28, 2024
- Bank of England may delay rate cut. Inflation in Tokyo continues to decline Oct 25, 2024
- NZD/USD Hits Four-Week Low Amid US Dollar Strength Oct 25, 2024