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NDelic
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USD/CAD Elliott Wave From the start of April, the USD/CAD pair has been trading steadly upwards, corrective wave [a] (coloured green) of the bigger wave Z (coloured red) has been developing. In the 1-hour chart of the pair above, we can observe that © of [a] wave have finished at the 1.1053 level, and from there we are tracking the wave pullback. While price remain below the 1.01053 high, our main focus will be to sell this currency pair. In accordance with our wave rules and taking into account that wave should extend 50% of wave [a], we can define the potential targets with measuring wave [a] with take profit at 1.0954 (50% of wave [a]). Alternate count: We are still inside of the Ending Diagonal © of [a] wave, and if we see a break above the 1.1053 level again, next resistance area will be between the 1.1110 level. Support and Resistance (S3) 1.0985, (S2) 1.0999, (S1) 1.1018, (PP) 1.1032, (R1) 1.1051, (R2) 1.1065, (R3) 1.1084. Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin downward movements. That is why short positions at the level of 1.1010 with stop loss at 1.1053 and take profit at 1.0954 are recommended.
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USD/CAD Elliott Wave For the last couple of days, the USD/CAD pair has been trading side-ways, corrective wave © (coloured blue) of the bigger wave [a] (coloured green) has been developing. In the 1-hour chart above, we can observe that strong upwards move from the start of last week has finally found resistance at the 1.0325 level, and from there this currency pair has lost momentum and we got ranging between 1.1030-1.0995 zone. We are going with idea of potential ending diagonal pattern forming in the © wave, and if this is a true we should see more upside movements with a break above the 1.0325 level. In accordance with our wave rules and taking into account that wave C should extend 100% of wave A, we can define the potential targets with measuring wave A with take profit at 1.0831 (100% of wave A). Alternate Count: With a resistance at 1.0325 we have just ended first (a) leg, and if this is true, we should see 1.09300 before price turn higher in the © wave again. In any case we should only be interested in a buying opportunity against 1.0900 level. Support and Resistance (S3) 1.0980, (S2) 1.0993, (S1) 1.1003, (PP) 1.1016, (R1) 1.1026, (R2) 1.1039, (R3) 1.1049. Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why, long positions at the level of 1.1325 with stop loss at 1.0900 and take profit at 1.01080 are recommended.
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USD/CAD Elliott Wave Since our last analysis, the USD/CAD pair has continued to trade upwards, impulsive wave iii (coloured black) of the bigger wave (iii) (coloured blue) has been developing. In the 1-hour chart of the pair above, we can observe that corrective wave ii (coloured black) has completed at the 1.0955 level, and from there we can see upward movement that make us believe that iii wave is going to become extended wave. While price remains above the 1.0955 level, we are going to look for the buying opportunity at the break above 1.1010 level, this will be a fresh entry signal. In accordance with our wave rules and taking into account that wave (iii) should extend 161.8% of wave (i), we can define the potential targets with measuring wave (i) with take profit at 1.1076 (161.8% of wave (i)). Support and Resistance (S3) 1.0896, (S2) 1.0927, (S1) 1.0970, (PP) 1.1001, (R1) 1.1044, (R2) 1.1075, (R3) 1.1118. Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.1010 with stop loss at 1.0955 and take profit at 1.1076 are recommended.
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USD/CAD Elliott Wave After a strong downwards movements from the half of March, the USD/CAD has finally started to show some bullish movements in the last 24 hours. In the 1-hour chart of the pair above, you can see that we are labeling the descending movement from 1.1278 towards the 1.0853 as the impulsive pattern. We have all five waves completed, and also RSI divergence supports this view, so we are going to keep looking for a buying opportunity in the pair at the pullbacks, and to protect our account, we can use the 1.0850 as the stop loss level. First pullback in the USD/CAD pair, should appear in the (ii) wave (coloured blue) of wave (coloured green), and we can use the 50% of the short term cycle from the 1.0853 level as the potential long entry signal. In accordance with our wave rules and taking into account that wave (iii) should extend 161.8% of wave (i), we can define the potential targets with measuring wave (i) with take profit at 1.1037 (161.8% of wave (i)). Swing traders should wait for a impulsive wave to make a five waves move, and than we can look for corrective pullback to enter a trade. Support and Resistance (S3) 1.0822, (S2) 1.0844, (S1) 1.0889, (PP) 1.0911, (R1) 1.0956, (R2) 1.0978, (R3) 1.1023. Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.0895 with stop loss at 1.0853 and take profit at 1.1037 are recommended.
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USD/CAD Elliott Wave Since our last analysis, the USD/CAD pair has been trading sideways, corrective wave [iv] (coloured black) of the bigger wave C (coloured blue) has been developing. In the 1-hour chart of the pair above, we can see that the price is trading in the range of 1.1077-1.1000 for the last couple of sessions, pattern that we are seeing on the chart starts to look as the Triangle, and if we are correct, we should have one more push higher before the price turn lower in the [v] wave. Our strategy will stay unchanged, we are going to look to establish a selling position at the break below the lower trend line. In accordance with our wave rules and taking into account that wave [v] should extend 123.6% of wave [iv], we can define the potential targets with measuring wave [iv] with take profit at 1.0982 (123.6% of wave [iv]). Swing traders need to wait a new low to get reached before we try another long opportunity. Support and Resistance (S3) 1.0967, (S2) 1.0985, (S1) 1.1009, (PP) 1.1027, (R1) 1.1051, (R2) 1.1069, (R3) 1.1093. Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin downward movements. That is why short positions at the level of 1.1010 with stop loss at 1.1050 and take profit at 1.0982 are recommended.
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AUD/USD Elliott Wave Since our last analysis, the AUD/USD pair has continued upward movements inside an impulsive [iii] wave (coloured black) of the bigger wave C (coloured blue). In the hourly chart above, we can see that wave [iii] is unfolding in an double three pattern, and should currently be inside the final c of (y) wave. For traders who are holding long in the pair, we should start to consider moving our stops to break even or to close half of the positions at 0.9200 and leave rest to run. For trading opportunity today, we can only look for some short-term buying opportunity if we see a pullback, or to wait [iii] wave to complete the cycle from the 0.8993 level and to try sell the [iv] wave. In accordance with our wave rules and taking into account that wave [iii] should extend 161.8% of wave , we can define the potential targets with measuring wave with take profit at 0.9210 (161.8% of wave ). To protect our buying position, we are going to use the low at the 0.9100 level as the stop loss point. Support and Resistance (S3) 0.9077, (S2) 0.9098, (S1) 0.9131, (PP) 0.9152, (R1) 0.9185, (R2) 0.9206, (R3) 0.9239. Trading forecast Proceeding from Elliot Wave rules today, the trend is expected to begin the upwards movements. That is why long positions at the level of 0.9130 with stop loss at 0.9100 and take profit at 0.9210 are recommended.
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AUD/USD Elliott Wave The AUD/USD pair has been trading downwards for last few sessions, since our short-term low gave up, we need to re-adjust our count a little bit. In the 1-hour chart of the AUD/USD pair, we are seeing a corrective pattern from the 0.1027 level, this is taking the shape of the FLAT correction and for the next supports, we are going to look at the 0.9010-0.8990 area. In the next few sessions, while price remains above the 0.8900 area, we should again look for a buying opportunity in the (iii) of [iii] wave. In accordance with our wave rules and taking into account that wave [iii] should extend 161.8% of wave , we can define the potential targets with measuring wave with take profit at 0.9286 (161.8% of wave ). The RSI indicator on the 1-hour chart points to the bullish divergence, this also supports our long idea. Support and Resistance (S3) 0.9008, (S2) 0.9036, (S1) 0.9080, (PP) 0.9108, (R1) 0.9152, (R2) 0.9180, (R3) 0.9224. Trading forecast Proceeding from Elliot Wave rules today, the trend is expected to begin the upwards movements. That is why long positions at the level of 0.9030 with stop loss at 0.8900 and take profit at 0.9286 are recommended.
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AUD/USD Elliott Wave The AUD/USD pair has extended the upward movement during the first trading day of this week, let's see how this new movements wil fit the current wave count. In the 1-hour chart of the AUD/USD pair above, we can see that we are currently correcting the short-term cycle from the 0.8995 level, wave ii that is developing from 0.9109 should find support around the 0.9050 - 0.9038 area, and from there we are going to see new upside movements. Our strategy stay uncharged, we are going to buy after every pullback in the (iii) wave, while price remain above the 0.8994 level. In accordance with our wave rules and taking into account that wave (iii) should extend 161.8% of wave (i), we can define the potential targets with measuring wave (i) with take profit at 0.9236 (161.8% of wave (i)). Swing traders can also try the same position, but for potential profit targets we are going to use the 0.9300 - 0.9400 region. Support and Resistance (S3) 0.8948, (S2) 0.8972, (S1) 0.9001, (PP) 0.9025, (R1) 0.9054, (R2) 0.9078, (R3) 0.9107. Trading forecast Proceeding from Elliot Wave rules today, the trend is expected to begin the upwards movements. That is why long positions at the level of 0.9050 with stop loss at 0.8995 and take profit at 0.9236 are recommended.
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USD/CAD Elliott Wave Since our last analysis, the USD/CAD pair has been trading upwards, impulsive wave (i) (coloured green) of the bigger wave [c] (coloured black) has been developing. In the 1-hour chart of the USD/CAD pair, we can see clear five wave pattern from the 1.0953 level, this move should be a part of the (i) wave (coloured green) that will complete anytime soon and offer us a good selling opportunity. Short term traders should focus on the selling opportunity against the 1.1158 level, and for the confirmation that (i) wave is over, we can look for the break below the 1.1080 level. In accordance with our wave rules and taking into account that wave (ii) should extend 50% of wave (i), we can define the potential targets with measuring wave (i) with take profit at 1.1038 (50% of wave (i)). Support and Resistance (S3) 1.0889, (S2) 1.0934, (S1) 1.1010, (PP) 1.1055, (R1) 1.1131, (R2) 1.1176, (R3) 1.1252. Trading forecast Proceeding from the Elliott Wave rules today, the trend is expected to begin downward movements. That is why, short positions at the level of 1.1080 with stop loss at 1.1158 and take profit at 1.1038 are recommended.
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USD/CAD Elliott Wave For the last few weeks, the USD/CAD pair was trading downwards, corrective wave (coloured black) of the bigger wave A (coloured blue) was developing. In the 1-hour chart of the USD/CAD pair, we can see that the price broke to the new lows in the early Friday's session, this move makes us look at the wave as the Zig-Zag pattern. The final © wave of the bigger wave wave tested the 100% extension of the wave (a), so techincily speaking wave should be over with a test of the 1.1008 level. All the way the price remains above the 1.09300 level (short-term invalidation), we are going to look only for a buying opportunity in the [c] of A wave. In accordance with our wave rules and taking into account that wave [c] should extend 100% of wave [a], we can define the potential targets with measuring wave [a] with take profit at 1.1288 (100% of wave [a]). Support and Resistance (S3) 1.1066, (S2) 1.1091, (S1) 1.1108, (PP) 1.1133, (R1) 1.1150, (R2) 1.1175, (R3) 1.1192. Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.1090 with stop loss at 1.0930 and take profit at 1.1288 are recommended.
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USD/CAD Elliott Wave The USD/CAD pair has been trading upwards after the wave (coloured black) completed the down cycle from 1.1193 yesterday at the 1.1048 level. In the 1-hour chart of the pair, we can see that we are tracking this short-term uptrend as sub-waves i and ii (coloured black) of the the bigger wave (a) (coloured green), and while price remains above the 1.1048 level, we are going to look for more buying opportunity inside the iii wave (coloured black). In accordance with our wave rules and taking into account that wave iii should extend 161.8% of wave i, we can define the potential targets with measuring wave i with take profit at 1.1142 (161.8% of wave i). Swing term traders can also try this position, but they should hold the longs all the way towards the 1.1512 level, where we think Z wave (coloured red) should end the cycle. The RSI indicator on the smaller time frames, needs to provide us divergence at the end of the iii wave to confirm our view, and when you see that divergence you should look to close the trade. Support and Resistance (S3) 1.1018, (S2) 1.1036, (S1) 1.1060, (PP) 1.1078, (R1) 1.1102, (R2) 1.1120, (R3) 1.1144. Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why short positions at the level of 1.1085 with stop loss at 1.1042 and take profit at 1.1142 are recommended.
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USD/CAD Elliott Wave After two weeks of trading in the strong downtrend, the USD/CAD pair found support yesterday at the 1.0905 level, and we can currently see the price trading around the 1.1070/80 area. In the 1-hour chart of the pair, we can see that upper channel line has been broken after an ascending move from 1.0905 towards the 1.1092 level that happened yesterday during early New York session. Today, we must go with idea that corrective wave (X) (coloured red) has completed down cycle from the 1.1227 level and we are going to look for a fresh buying opportunity in the next pullbacks towards the 1.1021-1.0999 area , that will end the wave (ii) (coloured green). In accordance with our wave rules and taking into account that wave (iii) should extend 161.8% of wave (i), we can define the potential targets with measuring wave (i) with take profit at 1.1282 (161.8% of wave (i)). To protect our long positions we can use support at 1.0949 as stop loss level. Support and Resistance (S3) 1.0786, (S2) 1.0848, (S1) 1.0962, (PP) 1.1024, (R1) 1.1138, (R2) 1.1200, (R3) 1.1314. Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why short positions at the level of 1.1020 with stop loss at 1.0949 and take profit at 1.1282 are recommended.
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USD/CAD Elliott Wave Since our last analysis, the USD/CAD pair has been trading downwards, impulsive wave (iii) (coloured green) of the bigger wave [c] (coloured black) has been developing. In the 1-hour chart of the pair above, we can see that we are tracking impulsive wave (iii) since 1.0991, at the moment only sub-waves i and ii has been completed and that is why selling against 1.0991 is still best trading plan in this commodity currency. In accordance with our wave rules and taking into account that wave (iii) should extend 161.8% of wave (i), we can define the potential targets with measuring wave�(i)�with take profit at 1.0872 (161.8% of wave�(i)). The RSI indicator is already showing marginal divergence that need to stay intact when developing of the (ii) wave complete all five sub-waves. Support and Resistance (S3) 1.0913, (S2) 1.0933, (S1) 1.0948, (PP) 1.0968, (R1) 1.0983, (R2) 1.1003, (R3) 1.1018.� Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin downward movements. That is why short positions at the level of 1.0950 with stop loss at 1.0991 and take profit at 1.0872 are recommended
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USD/CAD Elliott Wave For the last few days, the USD/CAD pair has been trading downwards, since our invalidation is reached we have moved our wave count to alternate scenario. In the 1-hour chart of the USD/CAD pair, we can see that we are tracking descending movement from the 1.1222 level as the double three correction inside the (X) wave (coloured red). In the short term, we have one more push lower and that's why we are going to look for a selling opportunity against the 1.1025 level. In accordance with our wave rules and taking into account that wave Y should extend 100% of wave W, we can define the potential targets with measuring wave W with take profit at 1.0831 (100% of wave A). Swing traders should wait for the (X) wave to complete, and from there we can look for a long opportunity in the last (Z) wave that can move us above the 1.1300 level. Support and Resistance (S3) 1.0873, (S2) 1.0913, (S1) 1.0945, (PP) 1.0985, (R1) 1.1017, (R2) 1.1057, (R3) 1.1089. Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin downward movements. That is why short positions at the level of 1.0975 with stop loss at 1.1025 and take profit at 1.0831 are recommended.
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AUD/USD Elliott Wave Yesterday, the AUD/USD pair has continued trading upwards, just like we expected, impulsive wave (v)/(iii) (coloured black) of the bigger wave (coloured green) has been developing. In the 1-hour chart of the AUD/USD pair, we can see that we are currently in the final wave v of (v) that is taking the leading diagonal pattern. We should see the end of the wave in the early London session around at the 0.9070 level and from there we are going to see a lower price, and that is why we want to be sellers when we see the price below the 0.9030 level (confirmation that ) wave is over. In accordance with our wave rules and taking into account that wave 2 should retrace 50% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.8869 (50% of wave 1). The RSI indicator is still showing divergence and while this divergence stays intact, this count is going to stay valid. Support and Resistance (S3) 0.8862, (S2) 0.8901, (S1) 0.8969, (PP) 0.9008, (R1) 0.9076, (R2) 0.9115, (R3) 0.9183. Trading forecast Proceeding from Elliot Wave rules today, the trend is expected to begin the downward movements. That is why short positions at the level of 0.9030 with stop loss at 0.9100 take profit at 0.8869 are recommended.
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AUD/USD Elliott Wave The AUD/USD pair continued trading higher on Friday, corrective wave b (coloured black) of the bigger wave (iv) (coloured blue) was developing. We can see in the 30-minute chart that the USD/CAD pair has support at the 0.8921 level and from there the price has reached a new highs around the 0.9000 region. While this commodity currency stays below 0.9020, we are going to look for the one more move lower to 0.8870, where we can look to establish long positions against the 0.8800 level. In accordance with our wave rules and taking into account that wave 5 should retrace 161.8% of wave 4, we can define potential targets with measuring wave 4 with take profit at 0.8917 (161.8% of wave 4). The RSI indicator is still showing divergence and if this divergence gets erased, we are going to switch to our alternate count. Alternate count: The impulsive wave (coloured green), already has 5 completed sub-waves at the 0.8997 level, if this count takes place, we are going to see a deeper correction towards 0.8836-0.8803, before the price turns higher again. Invalidation for the alternate count will be a break below the 0.8695 level. Support and Resistance (S3) 0.8877, (S2) 0.8904, (S1) 0.8921, (PP) 0.8949, (R1) 0.8976, (R2) 0.8993, (R3) 0.9021. Trading forecast Proceeding from Elliot Wave rules today, the trend is expected to begin the upward movements. That is why long positions at the level of 0.8870/60 with stop loss at 0.8800 and take profit at 0.8917 are recommended.
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USD/CAD Elliott Wave Since our last analysis, the USD/CAD pair has been trading downward, just like we expected, corrective wave © (coloured red) of the bigger wave [x] (coloured green) has been developing. In the 1-hour chart of the USD/CAD pair, we can observe that price has stayed below the 1.1123 level all time and while this invalidation level stays we are going to look for more downward movements in the last leg lower. In accordance with our wave rules and taking into account that wave [x] should retrace 50% of wave [y], we can define the potential targets with measuring wave [y] with take profit at 1.0900 (50% of wave Y). Swing traders, should wait for this [x] wave to complete the cycle from the 1.1224 level and than we are going to look for a buying opportunity against the 1.0800 level. Support and Resistance (S3) 1.0970, (S2) 1.1008, (S1) 1.1045, (PP) 1.1083, (R1) 1.1120, (R2) 1.1158, (R3) 1.1195. Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin downward movements. That is why short positions at the level of 1.1070 with stop loss at 1.1150 d take profit at 1.0900 are recommended.
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USD/CAD Elliott Wave Last week, the USD/CAD pair found the top at the 1.1220 level. From there on, this commodity pair has been trading lower, just as we expected. In the 1-hour chart of the USD/CAD pair, we can observe that we are tracking descending movements from 1.1220 towards 1.070 as potential A-B-C pattern inside the bigger wave [x] (coloured blue), while the price stays below the end of the wave [y], we are going to look for a fresh sell opportunity in the final wave © of [x]. In accordance with our wave rules and taking into account that wave [x] should retrace 50% of wave [y], we can define potential targets by measuring wave [y] with take profit at 1.0900 (50% of wave Y). The RSI indicator is likley to stay at the lows while the price is seen to push lower so that we could see an ideal divergence at the end of the © wave that will help us to close short position on time. Support and Resistance (S3) 1.0967, (S2) 1.1003, (S1) 1.1059, (PP) 1.1095, (R1) 1.1151, (R2) 1.1187, (R3) 1.1243. Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin downward movement. That is why short positions at the level of 1.1070 with stop loss at 1.1150 d take profit at 1.0900 are recommended
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AUD/USD Elliott Wave The AUD/USD pair continued moving downwards yesterday, so our primary count is still valid and we are still going with an idea that wave .c (coloured black) of the bigger wave iii (coloured blue) is developing at the moment. In the 1-hour chart, we can see that the AUD/USD pair has missed our invalidation point by few pips, and now the descending move from the 0.8826 level looks like FLAT pattern. Traders who are already short should remain short against the 0.8826 level and swing traders should wait next week to get a clear signal that the wave iii is over before opening long positions at the 0.8595 level. In accordance with our wave rules and taking into account that wave C should retrace 100% of wave A, we can define the potential targets by measuring wave A with take profit at 0.8595 (100% of wave A). Alternate count: While price holds above the 0.8657 level, our alternate count is still valid, and we are looking at the wave i (couloured blue) as completed at 0.8658, pullback that started from 0.8709 as the part of the ii wave. 0.9090 area. Support and Resistance (S3) 0.8645, (S2) 0.8677, (S1) 0.8735, (PP) 0.8767, (R1) 0.8825, (R2) 0.8857, (R3) 0.8915. Trading forecast Proceeding from Elliot Wave rules today, the trend is expected to begin the downward movements. That is why short position at level of 0.8700 with stop loss at 0.8750 take profit at 0.8595 are recommended.
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USD/CAD Elliott Wave Since our last analyses the USD/CAD pair has continued trading upwards, just like we expected, impulsive wave v (coloured blue) of the bigger wave © (coloured red) has been developing. In the 1-Hour chart of the USD/CAD pair we can see that move from the 1.1030 is showing a three sub-waves a-b-c, and that is why we are going to look for a short term buying opportunity against the 1.1075 level, short term invalidation point.In accordance with our wave rules and taking into account that wave C should retrace 123.6% of wave A, we can define the potential targets with measuring wave A with take profit at 1.1186 (123.6% of wave A). Swing traders should wait for a clear confirmation that wave © is over and from there we are going to look for a sell opportunity against the end of the wave © (coloured red). Support and Resistance (S3) 1.0973, (S2) 1.1002, (S1) 1.1058, (PP) 1.1087, (R1) 1.1143, (R2) 1.1172, (R3) 1.1228. Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.1135 with stop loss at 1.1075 and take profit at 1.1186 are recommended.
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USD/CAD Elliott Wave For the last couple of days, the USD/CAD pair has been trading upward, just like we expected, impulsive wave iii (coloured blue) of the bigger wave © (coloured red) has been developing. In the 1-hour chart of the USD/CAD pair we can see that the strong ascending movements from 1.0951 represent impulsive wave iii (coloured blue), we should already be in the corrective wave iv at the moment, but while price stays above 1.0950 we are still expecting to see one more push higher and that is why long positions are going to be our game plan for today. In accordance with our wave rules and taking into account that wave © should retrace 100% of wave (A), we can define the potential targets with measuring wave (A) with take profit at 1.1200 (100% of wave (A)). Swing traders can also try the same position since next clear swing signal will come only after wave © complete the cycle. Support and Resistance (S3) 1.0858, (S2) 1.0905, (S1) 1.0996, (PP) 1.1043, (R1) 1.1134, (R2) 1.1181, (R3) 1.1272. Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.1077 with stop loss at 1.1040 and take profit at 1.1200 are recommended.
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USD/CAD Elliott Wave After a strong upward movements in the early January, the USD/CAD pair traded sideways last week.You can see on the 1-hour chart above that we are tracking this sideways movements from the 1.0991 level asthe flat correction that currently have two waves completed, we are going to look for one more push lower todaywhile the price stays below the last high at the 1.0991 level. In accordance with our wave rules and taking intoaccount that wave c should retrace 161.8% of wave a, we can define the potential targets with measuring wave awith take profit at 1.0837 (161.8% of wave a). Swing traders should wait for the end of the b wave (colouredred) before they enter a long positions. Support and Resistance (S3) 1.0873 (S2) 1.0899 (S1) 1.0930 (PP) 1.0956 (R1) 1.0987 (R2) 1.1013 (R3) 1.1044 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin downward movements. That is why shortpositions at the level of 1.0940 with stop loss at 1.0991 and take profit at 1.0837 are recommended.
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USD/CAD Elliott Wave Since our last forecast, the USD/CAD has continued trading downward, just like we expected, corrective wave ( (coloured red) of the bigger wave [y] (coloured green) has been developing. In the 1-hour chart you can see that we are tracking descending move from 1.0991 toward 1.0918 as corrective wave a of the bigger wave (, and while price stay below 1.0990 we can expect further weakness of the USD/CAD pair towards 1.0837-1.0790 (38.2-50% of the wave (a)) that can offer as a new long signal against the 1.0677 level.In accordance with our wave rules and taking into account that wave © should retrace 100% of wave (a), we can define the potential targets with measuring wave (a) with take profit at 1.1185 (100% of wave (a)). Support and Resistance (S3) 1.0836 (S2) 1.0836 (S1) 1.0907 (PP) 1.0948 (R1) 1.0978 (R2) 1.1019 (R3) 1.1049 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.0790 with stop loss at 1.0677 and take profit at 1.1185 are recommended.
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USD/CAD Elliott Wave The USD/CAD pair traded upwards last week, corrective wave (a) (coloured red) of the bigger wave [y] (coloured blue) was developing. Yesterday's descending movement from 1.0944 toward 1.0840 was enough to confirmed that we are in the ( wave right now and while we stay below the Friday's high we are going to look for a short term selling opportunity in this commodity currency. In accordance with our wave rules and taking into account that wave ( should retrace 50% of wave (a), we can define the potential targets with measuring wave (a) with take profit at 1.0769 (50% of wave (a)). Swing traders should wait for wave ( to complete and from there we can try long against the 1.0630 level. Support and Resistance (S3) 1.0736 (S2) 1.0789 (S1) 1.0823 (PP) 1.0876 (R1) 1.0910 (R2) 1.0963 (R3) 1.0997 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin downward movements. That is why short positions at the level of 1.0870 with stop loss at 1.0944 and take profit at 1.0769 are recommended.
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AUD/USD Elliott Wave Since our last analysis the AUD/USD pair has been trading side-ways, corrective wave ii�(coloured blue) of the bigger wave (v) (coloured red) has been developing. In the 1-hour chart above you can see that wave i (coloured blue) has completed the cycle at 0.8891 and from there we can observe corrective structure that should end in the next few hours�around the 0.8950 level - 50% of the wave i. All the way the AUD/USD pair stays below�0.9000, we can look for a selling position in the impulsive iii wave (coloured blue). In accordance with our wave rules and taking into account that wave iii should retrace�161.8% of wave i, we can define the potential targets with measuring wave i with take�profit at 0.8768 (161.8% of wave 1). Support and Resistance (S3) 0.8814 (S2) 0.8853 (S1) 0.8891 (PP) 0.8930 (R1) 0.8968 (R2) 0.9007 (R3) 0.9045 Trading forecast Proceeding from Elliot Wave rules today, the trend is expected to begin the downwards movements. That is why short position at level 0.8950 with stop loss at 0.9000 and take profit at 0.8768 are recommended.