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AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, the convergence made AUDUSD finish the downtrend, reverse, and start a new rising correction, which has already reached the retracement of 23.6%. The next upside targets may be the retracements of 38.2%, 50.0%, and 61.8% at 0.7831, 0.7890, and 0.7948 respectively. The support level is the short-term low at 0.7643.
As we can see in the H1 chart, the pair is upwards to reach 0.7831 and 0.7890.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the convergence made USDCAD reverse and start a new correction to the upside, which has already reached the retracement of 23.6% at 1.2669. The next targets may be the retracements of 38.2% and 50.0% at 1.2756 and 1.2826 respectively. The support level is the low at 1.2527.
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In the H1 chart, the situation is the same 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.