AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after failing to fall and reach the low, AUDUSD is forming a new correctional impulse to the upside that may transform into a proper rising wave towards the high at 0.8007, a breakout of which may lead to a further uptrend to reach the long-term 50.0% fibo at 0.8292 and the post-correctional extension area between 138.2% and 161.8% fibo at 0.8188 and 0.8300 respectively. Otherwise, the instrument may reverse and continue its decline towards 50.0% and 61.8% fibo at 0.7500 and 0.7380 respectively.
The H1 chart shows a more detailed structure of the current ascending correction, which has reached 50.0% fibo at 0.7769. Later, the price may continue growing towards 61.8% and 76.0% fibo at 0.7826 and 0.7893 respectively. The local support is the low at 0.7532, a breakout of which will lead to a further mid-term downtrend. At the same time, there is a local divergence on MACD, which may indicate a possible reversal.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is correcting downwards after completing the first wave to the upside and reaching 50.0% fibo. Later, the pair may resume growing towards 61.8% and 76.0% fibo at 1.2683 and 1.2757 respectively but the key upside target is the local high at 1.2881. The support remains at the low at 1.2365.
The H1 chart shows a more detailed structure of the current bearish correction, which has already broken 50.0% fibo. However, there is a convergence on MAСD, which indicates the start of a new pullback. Later, the asset may resume falling towards 61.8% and 76.0% fibo at 1.2473 and 1.2433 respectively.