AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the correctional uptrend reached 38.2% fibo and was later followed by a new pullback. After the pullback is over, the asset may continue growing towards 50.0% and 61.8% fibo at 0.7556 and 0.7662 respectively. A breakout of the local support at 0.7106 will lead to a further mid-term downtrend with the closest target at 38.2% fibo (0.7052).
The H1 chart of AUDUSD shows a more detailed structure of the correctional decline, which has already reached 23.6% fibo and is currently approaching 38.2% fibo at 0.7335. Later, it may continue towards 50.0% and 61.8% fibo at 0.7292 and 0.7248 respectively. The key resistance is the local high at 0.7478.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after an attempt to fall and reach 50.0% fibo at 1.2478, the pair has completed a quick rising impulse. Such a technical picture implies that the asset may form a new wave to the downside at any moment. If it happens, this wave will be heading to break 50.0% fibo (1.2478) and reach 61.8% fibo (1.2367). The local resistance is the fractal high at 1.2949.
The H1 chart shows that local divergence on MACD made the asset stop its quick growth at 61.8% fibo at 1.2775. However, one shouldn’t exclude a possibility that the price may yet grow and reach 76.0% fibo at 1.2839. At the same time, a breakout of the low at 1.2493 may result in a further downtrend.
