Article By RoboForex.com
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, 0.7889, and 0.7946 respectively. The support level is the short-term low at 0.7642.
As we can see in the H1 chart, the pair is trading sideways near the retracement of 23.6%. The closest upside target may be at 0.7831.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the downtrend has reached the retracement of 61.8%. The next downside target may be the retracement of 76.0% at 1.2459. The short-term resistance is at 1.2917.
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In the H1 chart, the convergence is being formed< which may indicate a possible correctional uptrend. The first ascending impulse has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2%, 50.0%, and 61.8% at 1.2649, 1.2681, and 1.2714 respectively.
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.
