AUDUSD, “Australian Dollar vs US Dollar”
In the H4 chart, after breaking the high at 0.7064 and then reaching the long-term 61.8% fibo, AUDUSD continues testing the area around it. The next upside target may be 76.0% fibo at 0.7503. At the same time, the MACD indicator is forming a divergence, which may hint at a possible correction to the downside soon. The closest correctional target may be 50.0% fibo at 0.6820.
As we can see in the H1, AUDUSD is testing the upside border of the post-correctional extension area between 138.2% and 161.8% fibo at 0.7174 and 0.7241 respectively. The local divergence confirms a possible pullback. In this case, the downside targets may be 23.6%, 38.2%, and 50.0% fibo at 0.7145, 0.7085, and 0.7036 respectively. The resistance is the high at 0.7241.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after completing a short-term pullback, USDCAD has broken the low at 1.3315. Later, the instrument may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3164 and 1.3066 respectively and then the fractal low at 1.2951. The key resistance is at 1.3715.
The H1 chart shows a descending wave towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3164 and 1.3066 respectively. The local resistance is at 1.3315.