AUDUSD, “Australian Dollar vs US Dollar”
In the daily chart, the downtrend is looking quite stable despite the current correction to the upside, which started after an attempt to test 38.2% at 0.7052. After the pullback is over, the asset may continue trading towards 50.0% and 61.8% fibo at 0.6758 and 0.6464 respectively. The key resistance is the high at 0.8007.
The H4 chart of AUDUSD shows the potential upside correctional targets are convergence on MACD – 23,6%, 38.2%, and 50.0% at 0.7292, 0.7406, and 0.7498 respectively. A breakout of the local support at 0.7106 will lead to a further mid-term downtrend.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the daily chart, after an attempt to reach 38.2% fibo at 1.3022 and local divergence on MACD, the pair is correcting downwards. After finishing the pullback, the asset may form a new wave to the upside with the targets at 50.0% and 61.8% fibo at 1.3336 and 1.3650 respectively. The key support remains at the low at 1.2007.
The H4 chart shows the potential targets of the current descending correction. After divergence on MACD, the pair was falling and reached 38.2% but then rebounded from it. The next descending impulse may head towards 50.0%, 61.8%, and 76.0% fibo at 1.2478, 1.2366, and 1.2234 respectively. The local resistance is the fractal high at 1.2949.
