Article By RoboForex.com
AUD USD, “Australian Dollar vs US Dollar”
At the H4 chart, the AUD/USD pair formed the convergence, thus finishing the downtrend, and started a new ascending correction. The closest targets may be the retracements of 38.2% and 50.0% at 0.7740 and 0.7815 respectively. The support level is near the current low at 0.7501.
As we can see at the H1 chart, after completing the previous ascending impulse, the pair is being corrected sideways and has already reached the retracement of 23.6%. The next targets of this descending correction may be the retracements of 38.2% and 50.0% at 0.7627 and 0.7606 respectively. After breaking the high at 0.76942, the instrument may start forming a new ascending impulse.
USD CAD, “US Dollar vs Canadian Dollar”
At the H4 chart, the USD/CAD pair formed the divergence and started a new correction, which has already reached the retracement of 23.6%. Right now, the instrument is moving towards the retracement of 38.2% at 1.2807. The next targets may be the retracements of 50.0% and 61.8% at 1.2771 and 1.2737 respectively.
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At the H1 chart, the situation is similar and confirms the scenario described above.
RoboForex Analytical Department
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.