AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the correctional downtrend seems to have completed a bit lower than 61.8% fibo, but one shouldn’t expect it to continue towards 76.0% fibo at 0.6732. After the convergence on MACD, the price is forming a new rising wave towards the high at 0.6929. if the pair breaks it, the instrument may continue the ascending tendency to reach the long-term target at 50.0% (0.6983).
The H1 chart shows more detailed structure of the current correctional uptrend, which has already reached 61.8% fibo. Right now, the pair is forming a new pullback. The support is 23.6% fibo at 0.6794. After completing the pullback, the instrument may start another rising impulse to reach 76.0% fibo at 0.6887.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the divergence made USDCAD finish its two-week sideways movement and start plunging. By now, it has already reached 50.0% and may later continue falling towards 61.8% and 76.0% fibo at 1.3151 and 1.3111 respectively. the key target is the low at 1.3042.
In the H1 chart, the pair has stopped its decline at 50.0% fibo. This may indicate a slowdown of the short-term tendency and a possible pullback in the nearest future.