Article By RoboForex.com
AUD USD, “Australian Dollar vs US Dollar”
At the H4 chart, the AUD/USD pair is forming a new descending impulse inside the mid-term correctional downtrend. The closest target of the downtrend is the retracement of 61.8% at 0.7634. The targets of this descending impulse may inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.7668 and 0.7629 respectively.
As we can see at the H1 chart, the pair is trading to the downside and may soon reach the retracement of 76.0% 0.7773. The next target is at 0.7733. In addition to that, the convergence is being formed, that’s why the instrument may start a new ascending correction after reaching the targets.
USD CAD, “US Dollar vs Canadian Dollar”
At the H4 chart, the USD/CAD pair is trading upwards to reach the retracements of 38.2% and 50.0% at 1.2722 and 1.2928 respectively. The support level is near the local low at 1.2064.
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As we can see at the H1 chart, the current ascending impulse has reached the retracement of 138.2% of the post-correctional extension area. If the price reached the retracement of 161.8% when the divergence is completed, the instrument may start a new descending correction. The main targets of this correction will be the retracements of 38.2%, 50.0%, and 61.8% at 1.2620, 1.2587, and 1.2555 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.
