AUDUSD, “Australian Dollar vs US Dollar”
On H4, the pair demonstrates the development of a downtrend after a breakout of an important low. The goals of the decline are inside the post-correctional extension area 138.2-161.8% (0.6532-0.6447) Fibo. The resistance is at 0.6758.
On H1, the quotations are approaching the local target post-correctional extension area 138.2-161.8% (0.6628-0.6608) Fibo. With the development of the downtrend, we may notice a convergence forming, which may signal a pullback.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the pair demonstrates a decline as a correction of the previous uptrend. The quotations have reached 23.6% and may further decline to 38.2% (1.3184) and 50.0% (1.3140) Fibo. The resistance is at the high of 1.3329.
On H1, the correctional decline can be seen in more detail. The quotations are aimed at 38.2% (1.3184) Fibo.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.