Daily Wave Analysis from InstaForex

[NDelic]

AUD/USD Elliott Wave  

Since our last analyses the AUD/USD pair has been trading downwards, that is why we slightly changed wave structure inside the iv wave (coloured blue) of the bigger wave (v) (coloured red). During the Wednesday's Asian and European sessions, we could observe descending movements from 0.8927 towards 0.8866 level. Therefore, during the New York session this major pair has continued trading in a bearish mood and price has reached a new low at 0.8819 level. We can consider this move as he end of the wave .iii (coloured black) of the bigger wave v (coloured blue). At the moment the AUD/USD pair is trading around 0.8840 level and we are expecting to see one more push lower before wave 1 don't end the bigger cycle. 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 0.9285 (50% of wave 1). To reduce the risk, we can use invalidation point at 0.8800 level as stop loss. 

Support and Resistance  

(S3) 0.8792 (S2) 0.8837 (S1) 0.8868 (PP) 0.8913 (R1) 0.8944 (R2) 0.8989 (R3) 0.9020 

Trading forecast  

Proceeding from Elliot Wave rules today, the trend is expected to begin the upwards movements. That is why long positions at 0.8950 with stop loss at 0.8800 and take profit at 0.9285 are recommended. 

[NDelic]

USD/CAD Elliott Wave  

Last week, the USD/CAD pair has been trading upwards, impulsive wave (5) (coloured black) of the bigger wave © (coloured blue)  was developing. During the Friday's Asian and European sessions, we could observe strong ascending movements from 1.0660 towards 1.0736 and we can consider them as the end of the b wave (coloured black) of the bigger FLAT ii wave (coloured blue). Therefore, during the New York session this commodity currency did not manage to hold around the highs and the price retraced all the way back to 1.0628 level. Today the USD/CAD pair is trading slightly lower and we are expecting to see more upward movements, while the price stays above 1.0560 level. In accordance with our wave rules and taking into account that wave 3 should retrace 161.8% of wave 1 we can define the potential targets with measuring wave 1 with take profit at 1.0895 (161.8% of wave 1). To reduce the risk, we can use invalidation point at 1.0560 level as stop loss. 

Support and Resistance 

(S3) 1.0488 (S2) 1.0557 (S1) 1.0597 (PP) 1.0666 (R1) 1.0706 (R2) 1.0775 (R3) 1.0815 

Trading forecast  

Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movements. That is why long positions at 1.0670 with stop loss at 1.0560 and take profit at 1.0895 are recommended. 

[NDelic]

USD/CAD Elliott Wave

Since our last analysis, the USD/CAD pair has continued trading downwards, so we have adjusted our primary forecast to fit the latest market movements. On the hourly chart above, we can see that the short-term cycle from the 1.0560 level we can see a diagonal pattern and we are labeling the high at 1.0736 as a potential (a) wave (coloured red) of the bigger [y] wave (coloured green) (The sentence is hard to understand). The pullback from 1.0736 should be over soon and while the price stays above the 1.0560 level (short-term invalidation), we can look for five more upward movements in the final red © wave. In accordance with our wave rules and taking into account that wave C should retrace 100-123.6% of wave A, we can define the potential targets measuring wave A with take profit at 1.0758-1.0800 (100-123.6% of wave A). RSI should stay below the highs when the pair reaches the 1.0800 level and from there swing traders can look for selling setups. 

Support and Resistance 

(S3) 1.0505, (S2) 1.0505, (S1) 1.0576, (PP) 1.0614, (R1) 1.0647, (R2) 1.0685, (R3) 1.0718. 

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 1.0630 with stop loss at 1.0560 and take profit at 1.0800 are recommended.

[NDelic]

USD/CAD Elliott Wave 

For the last few days, the USD/CAD pair has been trading slightly upwards, corrective wave © (coloured red) of the bigger wave (y) (coloured green) has been developing. In the hourly chart above, we can observe that the downward move from 1.0736 towards 1.0580 was corrective and we can consider this move as the end of the wave (. In the © wave that is developing from 1.0580 we do not see enough swings to call the cycle completed and that is why we are going to look for more upward movements in this commodity pair and favor buying against the Monday's low in the next few days. 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 1.0800 (123.6% of wave A). 

Support and Resistance 

(S3) 1.0583 (S2) 1.0593 (S1) 1.0613 (PP) 1.0623 (R1) 1.0643 (R2) 1.0653 (R3) 1.0673 

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 1.0650 with stop loss at 1.0580 and take profit at 1.0800 are recommended. 

[NDelic]

USD/CAD Elliott Wave

Since our last analysis, the USD/CAD pair has been trading upwards, impulsive wave i (coloured blue) of the bigger wave © (coloured red) has been developing. In the hourly chart above, we can observe that the upward move from 1.0580 (Monday's low) towards 1.0650 was diagonal structure and we can consider this move as the leading diagonal in the wave i (coloured blue). Today this commodity pair is trading lower and when corrective wave ii (coloured blue) ends we are going to see more upward movements in the wave iii (coloured blue). In accordance with our wave rules and taking into account that wave 3 should retrace 161.8% of wave 1, we can define he potential targets with measuring wave 1 with take profit at 1.0730 (161.8% of wave 1).To protect long positions we can use invalidation level at the 1.0580 level. 

Support and Resistance 

(S3) 1.0590 (S2) 1.0603 (S1) 1.0624 (PP) 1.0637 (R1) 1.0658 (R2) 1.0671 (R3) 1.0692 

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 1.0600 with stop loss at 1.0580 and take profit at 1.0730 are recommended.

[NDelic]

AUD/USD Elliott Wave  

At the beginning of this week the AUD/USD pair has been trading sideways, corrective wave (iv) (coloured red) of the bigger wave 1 (coloured green) has been developing. Yesterday's upward movements from 0.8331 towards 0.8957 level may ondocate that the corrective wave (iv) as a flat pattern. In the 1-hour chart we can see that blue c wave is almost over and that is why we are going to look for selling opportunity in the AUD/USD pair while price stays below 0.9000 level. In accordance with our wave rules and taking into account that wave 5 should retrace 161.8% of wave 4, we can define the potential targets with measuring wave 4 with take profit at 0.8735 (161.8% of wave 4). 

Support and Resistance  

(S3) 0.8752, (S2) 0.8792, (S1) 0.8848, (PP) 0.8888, (R1) 0.8944, (R2) 0.8984, (R3) 0.9040. 

Trading forecast  

Proceeding from the Elliot Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.8920 with stop loss at 0.8900 and take profit at 0.8735 are recommended. 

[NDelic]

USD/CAD Elliott Wave  

Last week, the USD/CAD pair has been trading downwards, just like we expected, corrective wave x (colured blue) of the bigger wave (y) (coloured red) has been developing. On the 1H chart above you can see that we have completed FLAT pattern on Tuesday at the 1.0615 level and from there this commodity pair has been trading slightly higher around the 1.0659 level. We are going to look for three more upward movements  to complete the final wave y (blue) and that is why we are going to look for buying opportunity against the end of wave x at the 1.0615 level. In accordance with our wave rules and taking into account that wave Y should retrace 123.6% of wave W, we can define the potential targets with measuring wave W with take profit at 1.0762 (100% of wave W). 

Support and Resistance 

(S3) 1.0566 (S2) 1.0591 (S1) 1.0606 (PP) 1.0631 (R1) 1.0646 (R2) 1.0671 (R3) 1.0686 

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 1.0670 with stop loss at 1.015 and take profit at 1.0762 are recommended. 

[NDelic]

AUD/USD Elliott Wave  

We have been bearish AUD/USD pair since last week, from last Friday prices have still been favoring for more downward movements when development of the corrective wave (iv) (coloured red) complete. In the hourly chart you can see that we are tracking strong ascending movements from 0.8842 as the final leading diagonal .c of y wave. We are going to look for break below 0.8820 as initial confirmation that (v) wave is developing and that it will give us a fresh sell signal. In accordance with our wave rules and taking into account that wave 5 should retrace 161.8% of wave 4, we can define the potential targets with measuring wave 4 with take profit at 0.8735 (161.8% of wave 4). 

Support and Resistance  

(S3) 0.8765 (S2) 0.8825 (S1) 0.8885 (PP) 0.8945 (R1) 0.9005 (R2) 0.9065 (R3) 0.9125

Trading forecast 

Proceeding from Elliot Wave rules today, the trend is expected to begin the downwards movements. That is why short position at 0.8820 with stop loss at 0.8900 and take profit at 0.8735 are recommended.  

[NDelic]

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.

[NDelic]

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.  

[NDelic]

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.  

[NDelic]

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.

[NDelic]

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.

[NDelic]

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. 

[NDelic]

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.

[NDelic]

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

[NDelic]

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.

[NDelic]

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.

[NDelic]

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.

[NDelic]

 

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.

[NDelic]

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

[NDelic]

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.

[NDelic]

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.

[NDelic]

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.

[NDelic]

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.