Article By RoboForex.com
AUD USD, “Australian Dollar vs US Dollar”
At the H4 chart, the downtrend continues. The AUD/USD pair is trading towards the retracement of 50.0% at 0.7728. The next target is the retracement of 61.8% at 0.7636. The resistance for the current movement is the high at 0.8123.
As we can see at the H1 chart, the pair is still falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7750 and 0.7726 respectively. The more “ambitious” target is the retracement of 261.8%, which is the same as the one 0f 61.8% from the H4 chart.
USD CAD, “US Dollar vs Canadian Dollar”
As we can see at the H4 chart, the USD/CAD pair is still moving to the upside. The price is trading towards the retracement of 38.2% at 1.2718. However, at the same time the instrument is forming the divergence, which may indicate a possible reverse. The support level is close to the low at 1.2057.
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At the H1 chart, the pair entered the post-correctional extension area between the retracements of 138.2% and 161.8%. The next upside target is the retracement of 261.8% at 1.2680. Taking into account the divergence, we may assume that the main targets of a possible reverse or a correction may be the retracements of 50.0% and 61.8% at 1.2385 and 1.2308 respectively.
RoboForex Analytical Department
Article By RoboForex.com
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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.