Daily Wave Analysis from InstaForex

[NDelic]

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.

[NDelic]

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.

[NDelic]

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.

[NDelic]

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. 

[NDelic]

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. 

[NDelic]

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.
 

[NDelic]

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.

[NDelic]

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.