AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the current correction in the form of a Flag pattern is transforming into a proper bearish wave and has already reached 23.6% fibo. Later, it may continue towards 38.2% and 50.0% fibo at 0.7503 and 0.7405 respectively. The resistance is the high at 0.7820.
The H1 chart shows that after finishing the ascending wave that failed to reach the high, the pair started a new descending movement, which has updated the low; right now, the asset is still falling. The mid-term targets are inside the post-correctional extension area between 138.2% and 161.8% fibo at 0.7612 and 0.7583 respectively. The local resistance is at 0.7782.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is starting a new stable correctional uptrend after a convergence on MACD. Earlier, after a thorough test of 76.0% fibo, the asset failed to reach the post-correctional extension area between 138.2% and 161.8% fibo at 1.2585 and 1.2523 respectively. These factors may indicate not just a correction but a trend reversal. This wave may break the fractal at 1.2957 and then continue towards 23.6%, 38.2%, and 50.0% fibo at 1.2985, 1.3228, and 1.3426 respectively.
The H1 chart shows another rising impulse towards 23.6% fibo at 1.2985. The support is the low at 1.2589.
