AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the daily chart, AUDUSD is starting a new correctional downtrend after a divergence on MACD towards 23.6%, 38.2%, and 50.0% fibo at 0.7415, 0.7053, and 0.6757 respectively. After completing this pullback, the instrument may resume growing to break the high at 0.8007 and then reach the long-term 50.0% fibo at 0.8292.
The H4 chart of AUDUSD shows a more detailed structure of the current descending correction, which has already broken 61.8% fibo and may continue towards 76.0% fibo at 0.7618. However, the key downside target is the low at 0.7532. The resistance is the local high at 0.7891.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, the pair is forming the first rising impulse after updating the low and a convergence on MACD. At the moment, the price is heading towards 23.6% fibo, a breakout of which may lead to a further uptrend to reach 38.2%, 50.0%, and 61.8% fibo at 1.2254, 1.2331, and 1.2407 respectively. The support is the low at 1.2007.
The H1 chart shows a steady rising impulse towards 23.6% fibo at 1.2160.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.