Daily Wave Analysis from InstaForex

[NDelic]

AUD/USD Elliott Wave  

Last week, the AUDUSD pair was trading downwards, corrective wave [iv] (coloured black) of the bigger wave A (coloured red) was developing. During Friday's Asian session, we could observe an ascending movement from 0.9331 towards the 0.9368 level. Therefore, during the European and New York sessions, this major pair did not manage to hold this levels and the price dropped to a new weekly low at the 0.9296 level. At the moment, the AUDUSD pair is at the beginning of the final [v] wave (coloured black) and we are expecting to see more bullish movement for next few days. In accordance with our wave rules and taking into account that wave 5 should retrace 123.6% of wave 4, we can define the potential targets with measuring wave 4 with take profit at 0.9585 (123.6% of wave 4). To reduce the risk, we can use invalidation point at the 0.9200 level as stop loss. 

Support and Resistance  

(S3) 0.9206 (S2) 0.9251 (S1) 0.9283 (PP) 0.9328 (R1) 0.9360 (R2) 0.9405 (R3) 0.9437 

Trading forecast  

Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movements. That is why long positions at the level of 0.9350 with stop loss at 0.9200 and take profit at 0.9585 are recommended.  

[NDelic]

USD/CAD Elliott Wave  

Since our last analyses, the USDCAD pair has continued trading downwards, so we need to extend the wave b (coloured blue) of the bigger wave (y) a little bit. Yesterday, during the Asian and European sessions we could observe descending movements from 1.0317 towards the 1.0274 level and we can consider this move as the end of the wave b (coloured blue).Therefore, during the New York session this commodity pair did not manage to hold this levels and the price has pushed higher to 1.0327 (new daily high). At the moment, the USDCAD pair is trading around 1.0302 and we are expecting to see one more push higher before the price turns around when developing of the wave (coloured black) ends. 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 with measuring wave A with take profit at 1.0355 (100% of wave A). To reduce the risk, we can use invalidation point at the 1.0273 level as stop loss. 

Support and Resistance 

(S3) 1.0235 (S2) 1.0254 (S1) 1.0279 (PP) 1.0298 (R1) 1.0323 (R2) 1.0342 (R3) 1.0367 

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 1.0315 with stop loss at 1.0275 and take profit at 1.0355 are recommended. 

[NDelic]

AUD/USD Elliott Wave  

Since our last analyses the AUDUSD pair has been trading downwards, corrective wave (x) of the bigger wave [5] (coloured black) has been developing. During Wednesday's Asian and European sessions, we could observe descending movement from 0.9408 towards the 0.9332 level and we can consider this move as the end of the wave C (coloured blue) of the (x) wave (coloured green). Therefore, during the New York session this major pair did not manage to hold this level and the price retraced back to the 0.9392 level. At the moment, the AUDUSD pair is trading around 0.9395 and we are expecting to see more bullish movements in the [5] wave. 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 0.9542 (123.6% of wave A). To reduce the risk, we can use resistance  point at the 0.9332 level as stop loss. 

Support and Resistance  

(S3) 0.9264 (S2) 0.9299 (S1) 0.9341 (PP) 0.9376 (R1) 0.9418 (R2) 0.9453 (R3) 0.9495 

Trading forecast  

Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movements. That is why long positions at the level of 0.9400 with stop loss at 0.9332 and take profit at 0.9542 are recommended. 

[NDelic]

AUD/USD Elliott Wave  

Since our last analyses the AUDUSD pair has been trading sideways, corrective wave C (coloured blue) of the bigger wave (y) (coloured green) has been developing. During the Monday's Asian session we could observe descending movement from 0.9448 towards the 0.9387 level. Therefore, during the New York session this major currency did not manage to hold this levels and the price retraced back to the 0.9447 level. At the moment, the AUDUSD pair is trading around 0.9440 and we are expecting to see more bullish movement today. In accordance with our wave rules and taking into account that wave Y should retrace 123.6% of wave X, we can define the potential targets with measuring wave X with take profit at 0.9542 (123.6% of wave A). To reduce the risk, we can use resistance  point at the 0.9370 level as stop loss. 

Support and Resistance  

(S3) 0.9333 (S2) 0.9360 (S1) 0.9394 (PP) 0.9421 (R1) 0.9455 (R2) 0.9482 (R3) 0.9516 

Trading forecast  

Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movements. That is why long positions at the level of 0.9450 with stop loss at 0.9370 and take profit at 0.9542 are recommended. 

[NDelic]

USD/CAD Elliott Wave  

Since our last analyses, the USDCAD pair has been trading upwards, just like we expected, corrective wave C (coloured blue) of the bigger wave (y) (coloured green) has been developing. Yesterday, during the Asian and half of the European session we could observe a descending movement from 1.0333 towards the 1.0306 level, and we can consider this move as the end of the second leg of the C wave (coloured blue). Therefore, during the early New York session, this commodity pair pushed aggressively higher to the 1.0372 level. At the moment, the USDCAD pair is trading around 1.0374, and we are expecting to see more downward movements in the next few sessions. 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 with measuring wave A with take profit at 1.0000 (100% of wave A). To reduce the risk, we can use invalidation point at the 1.0473 level as stop loss. 

Support and Resistance 

(S3) 1.0259 (S2) 1.0282 (S1) 1.0326 (PP) 1.0349 (R1) 1.0393 (R2) 1.0416 (R3) 1.0460 

Trading forecast  

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movements. That is why short positions at the level of 1.0335 with stop loss at 1.0473 and take profit at 1.0000 are recommended. 

[NDelic]

AUD/USD Elliott Wave  

Last week, the AUDUSD pair was trading upwards, just like we expected, corrective wave y (coloured blue) of the bigger wave (y) (coloured green) was developing. During Friday's Asian and European sessions we could observe an ascending movement from 0.9444 towards the 0.9484 level, and we can consider this move as the end of the first swing of the y wave (coloured blue). Therefore, during the early New York session this major pair did not manage to hold this levels and the price retraced back to the 0.9447 level. At the moment, the AUDUSD pair is trading around 0.9460 and we are expecting to see one more push higher, before the price turns lower when developing of the (y) wave ends. In accordance with our wave rules and taking into account that wave Y should retrace 100% of wave W, we can define the potential targets with measuring wave W with take profit at 0.9520 (100% of wave W). To reduce the risk, we can use invalidation point at the 0.9430 level as stop loss. 

Support and Resistance  

(S3) 0.9387 (S2) 0.9410 (S1) 0.9437 (PP) 0.9460 (R1) 0.9487 (R2) 0.9510 (R3) 0.9537 

Trading forecast  

Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movements. That is why long positions at the level of 0.9470 with stop loss at 0.9430 and take profit at 0.9520 are recommended.

[NDelic]

AUD/USD Elliott Wave 

For the last few days the AUDUSD pair has been trading upwards, final .C wave (coloured black) of the bigger Y wave (coloured blue) has been developing. During Tuesday's Asian and European sessions we could observe ascending movements from 0.9505 towards the 0.9546 level, and we can consider this move as the end of the A wave (coloured red). Therefore, during the early New York session this commodity pair did not manage to hold the highs and the price retraced back to the 0.9497 level .At the moment, the AUDUSD pair is trading around the 0.9520 level, and we are expecting to see the price lowering in the next couple of weeks. In accordance with our wave rules and taking into account that wave B should retrace 50% of wave A, we can define the potential targets with measuring wave A with take profit at 0.9195 (50% of wave A). To reduce the risk, we can use invalidation point at the 0.9545 level as stop loss. Alternate count: we just ended the first leg of the alt (Y) (coloured green), and yesterday's move lower was just a corrective wave b of (Y). The break to the new highs will make us to wait a little bit longer, before we start looking for short positions in the b wave.

Support and Resistance 

(S3) 0.9416 (S2) 0.9446 (S1) 0.9486 (PP) 0.9516 (R1) 0.9556 (R2) 0.9586 (R3) 0.9626

Trading forecast 

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movements. That is why short positions at the level of 0.9480 with stop loss at 0.9545 and take profit at 0.9195 are recommended.  
 

[NDelic]

USD/CAD Elliott Wave  
Since our last analyses, the USDCAD pair has been trading downwards, that is why we need to adjust our primary count a little bit. During the Wednesday's Asian and European sessions, we could observe a strong descending movement from 1.0383 towards the 1.0350 level. Therefore, during the New York session this commodity instrument extended decline and the price reached a new low at the 1.0324 level. At the moment, the USDCAD pair is trading around the 1.0320 level, and we are expecting to see push higher today at least to 50% of the cycle from the 1.0418 level. 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 1.0470 (123.6% of wave A). To reduce the risk, we can use invalidation point at the 1.0290 level as stop loss.
Support and Resistance 
(S3) 1.0247, (S2) 1.0286, (S1) 1.0306, (PP) 1.0345, (R1) 1.0365, (R2) 1.0404, (R3) 1.0424. 
Trading forecast  
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movements. That is why long positions at the level of 1.0350 with stop loss at 1.0290 and take profit at 1.0470 are recommended. 

[NDelic]

USD/CAD Elliott Wave  
Since our last analysis, the USDCAD pair has continued trading lower, corrective wave .b (coloured black) of the bigger wave b has finished developing. Yesterday, during the Asian and European sessions, we could observe a descending movement from 1.0308 towards the 1.0270 level, and we can consider this move as the end of the .b (coloured black). Therefore, during the early New York session, this commodity pair did not manage to hold this level and the price retraced back to the 1.0291 level. At the moment, the USDCAD pair is trading around 1.0315, and we are expecting to see one more push higher for the end of the .c of b wave, that is currently in progress. In accordance with our wave rules and taking into account that wave B should retrace 50% of wave A, we can define the potential targets with measuring wave A with take profit at 1.0345 (50% of wave A). To reduce the risk, we can use invalidation point at the 1.0285 level as stop loss. 
Support and Resistance
(S3) 1.0230 (S2) 1.0250 (S1) 1.0269 (PP) 1.0289 (R1) 1.0308 (R2) 1.0328 (R3) 1.0347 
Trading forecast  
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movements. That is why long positions at the level of 1.0305 with stop loss at 1.0285 and take profit at 1.0345 are recommended. 
 

[NDelic]

AUD/USD Elliott Wave 

Since our last analyses, the AUDUSD pair has been trading downwards just like we expected, corrective wave A (coloured blue) of the bigger wave (x) (coloured green) has been developing. Yesterday, during the Asian and European sessions we could observe strong descending movement from 0.9755 towards the 0.9630 level. Therefore, during the early New York session this major pair continued pushing lower and the price reached a new daily low at the 0.9605 level. We can consider this move as the end of the first leg of the (x) wave (coloured green). At the moment, the AUDUSD pair is trading around 0.9659 and we are expecting to see one more push lower to complete the c of (x) wave. In accordance with our wave rules and taking into account that wave x should retrace 50% of wave w, we can define the potential targets with measuring wave w with take profit at 0.9512 (50% of wave w). To reduce the risk, we can use resistance point at 0.9775 level as stop loss.

Support and Resistance 

(S3) 0.9416 (S2) 0.9511 (S1) 0.9566 (PP) 0.9661 (R1) 0.9716 (R2) 0.9811 (R3) 0.9866

Trading forecast 

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movements. That is why short position at the level of 0.9650 with stop loss at 0.9755  and take profit at 0.9515 are recommended. 

 

[NDelic]

USD/CAD Elliott Wave  
Last week, the USDCAD pair was trading upwards, five waves within corrective wave A (coloured blue) of the bigger wave (coloured black) hwas developing. During Friday's Asian and European sessions, we could observe an ascending movement from 1.0408 towards the 1.0456 level. Therefore, during the New York session this commodity pair continued trading in a bullish mood and the price reached a new high at 1.0495. We can consider this move as the end of the .5 wave (coloured black) of the a cycle (coloured blue). At the moment, the USDCAD pair is trading around the 1.0440 level, and we are expecting to see continuation of the bearish mood for the next couple of sessions. In accordance with our wave rules and taking into account that wave B should retrace 50% of wave A, we can define the potential targets with measuring wave A with take profit at 1.0365 (50% of wave A). To reduce the risk, we can use resistance point at the 1.0459 level as stop loss. 
Support and Resistance
(S3) 1.0368, (S2) 1.0388, (S1) 1.0419, (PP) 1.0439, (R1) 1.0470, (R2) 1.0490, (R3) 1.0521. 
Trading forecast  
Proceeding from Elliott wave rules today, the trend is expected to begin the downward movements. That is why short positions at the level of 1.0420 with stop loss at 1.0459 and take profit at 1.0365 are recommended. 
 

[NDelic]

AUD/USD Elliott Wave  

For the last few days the AUDUSD pair has been trading downwards, corrective wave c (coloured blue) of the bigger wave (x) (coloured green) has been developing. Yesterday, during the Asian and European sessions, we could observe a descending movement from 0.9544 towards the 0.9487 level. Therefore, during the New York session this major pair continued trading in the bearish mood and the price reached a new sessions low at the 0.9471 level. At the moment, the AUDUSD pair is trading around the 0.9500 level, and we should see the price moving higher for the next few sessions. In accordance with our wave rules and taking into account that wave y should retrace 100% of wave y, we can define the potential targets with measuring wave w with take profit at 0.9936 (100% of wave w). To reduce the risk, we can use support point at the 0.9430 level as stop loss. 

Support and Resistance  

(S3) 0.9340 (S2) 0.9405 (S1) 0.9443 (PP) 0.9508 (R1) 0.9546 (R2) 0.9611 (R3) 0.9649 

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 0.9520 with stop loss at 0.9430 and take profit at 0.9936 are recommended.   

[NDelic]

USD/CAD Elliott Wave  

Since our last analyses the USDCAD pair has been trading downwards, just like we expected, corrective wave .a (coloured black) of the bigger wave b (coloured blue) has been developing. Yesterday, during the Asian and European session we could observe descending movement from 1.0488 towards the 1.0448 level. Therefore, during the New York session this commodity pair just continued trading in a bearish mood and price has reached a new lows at the 1.0411 level. We can consider this move as the end of the first leg .a of the b wave. At the moment, the USDCAD pair is trading around 1.0430, and we are expecting to see one more drop lower in the next few sessions. In accordance with our wave rules and taking into account that wave B should retrace 50% of wave A, we can define potential targets with measuring wave A with take profit at 1.0382 (50% of wave A). To reduce the risk, we can use invalidation point at the 1.0490 level as stop loss. 

Support and Resistance 

(S3) 1.0320, (S2) 1.0366, (S1) 1.0398, (PP) 1.0444, (R1) 1.0476, (R2) 1.0522, (R3) 1.0554. 

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 1.0448 with stop loss at 1.0490 and take profit at 1.0382 are recommended. 

[NDelic]

AUD/USD Elliott Wave  

Since our last analyses the AUDUSD pair has been trading upwards, just like we expected, corrective wave a (coloured blue) of the bigger wave (coloured black) has been developing. Yesterday, during the Asian and European sessions, we could observe ascending movements from 0.9441 towards the 0.9501 level. Therefore, during the New York session this major pair continued trading upwards, and we could see the price at the next highs around the 0.9520 level. We can consider this move as the end of the wave a (coloured blue). At the moment, the AUDUSD pair is trading around the 0.9480 level, and we are expecting to see more upward movements today. In accordance with our wave rules and taking into account that wave B should retrace 50% of wave A, we can define the potential targets with measuring wave A with take profit at 0.9588 (50% of wave A). To reduce the risk, we can use the support point at the 0.9420 level as stop loss. 

Support and Resistance  

(S3) 0.9382 (S2) 0.9410 (S1) 0.9459 (PP) 0.9487 (R1) 0.9536 (R2) 0.9564 (R3) 0.9613 

Trading forecast  

Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movements. That is why long positions at the level of 0.9500 with stop loss at 0.9420 and take profit at 0.9588 are recommended.

[NDelic]

USD/CAD Elliott Wave  

Since our last analysis the USDCAD pair has been trading downwards, just like we expected, corrective wave .y (coloured black) of the bigger wave b (coloured blue) has been developing. During the Wednesday’s Asian and European sessions we could observe descending movement from 1.0457 towards the 1.0434 level. Therefore, during the New York session this commodity pair has continued trading in a bearish mood and price has dropped to the new low at 1.0410 level. At the moment the USDCAD pair is trading around 1.0413 level and we are expecting to see one more push lower before price turn higher in the c wave (coloured blue). At the moment we see the USDCAD pair at 1.0445 level and we should see more bearish movements in the next few sessions. In accordance with our wave rules and taking into account that wave B should retrace 50% of wave A, we can define the potential targets with measuring wave A with take profit at 1.0382 (50% of wave A). To reduce the risk, we can use invalidation point at 1.0435 level as stop loss. 

Support and Resistance 

(S3) 1.0353 (S2) 1.0382 (S1) 1.0400 (PP) 1.0429 (R1) 1.0447 (R2) 1.0476 (R3) 1.0494 

Trading forecast  

Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movements. That is why short position at level 1.0420 with stop loss at 1.0435 and take profit at 1.0382 are recommended.  

[NDelic]

USD/CAD Elliott Wave  

Since our last analyses the USDCAD pair has been trading upwards, just like we expected, but we have slightly changed our primary view and we are looking in the move from 1.0396 as DIAGONAL in the (y) wave (coloured green). Yesterday, during the Asian and European sessions we could observe strong ascending movement from 1.0463 towards the 1.0507 level and we can consider this move as the end of the (y) wave. Therefore, during the early New York session this commodity pair did not manage to hold around the highs and price has dropped to 1.0475 level. At the moment the USDCAD pair is trading around 1.0481 and if we see price below 1.0463 level again we are going to have confirmation that wave (y) is over. 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 with measuring wave A with take profit at 1.0079 (100% of wave A). To reduce the risk, we can use invalidation point at 1.0600 level as stop loss. 

Support and Resistance 

(S3) 1.0423 (S2) 1.0443 (S1) 1.0468 (PP) 1.0488 (R1) 1.0513 (R2) 1.0533 (R3) 1.0558 

Trading forecast  

Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movements. That is why short position at level 1.0450 with stop loss at 1.0600 and take profit at 1.0079 are recommended. 

[NDelic]

USD/CAD Elliott Wave  

Since our last analyses the USDCAD pair has continued trading downwards, corrective wave .iv (coloured black) of the bigger wave c (coloured blue) has been developing. Yesterday, during the Asian and European sessions, we could observe descending movements from 1.0440 towards the 1.0414 level. Therefore, during the early New York session, this commodity pair did not manage to hold this levels and the price retraced back to the 1.0437 level. At the moment, the USDCAD pair is trading around 1.0423, and we are still looking for one more push higher before the price turn lower. 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 with measuring wave A with take profit at 1.0546 (100% of wave A). To reduce the risk, we can use invalidation point at the 1.0404 level as stop loss. Alternate view: wave (y) is already over at 1.0525, and we see A-B-C pullback now, if this is a case, we should see bigger correction from the current levels towards the 1.0100 level, but this count will take a place only if the price manages to break below the 1.0404 level. 

Support and Resistance 

(S3) 1.0386, (S2) 1.0400, (S1) 1.0414, (PP) 1.0428, (R1) 1.0442, (R2) 1.0456, (R3) 1.0470. 

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 1.0450 with stop loss at 1.0404 and take profit at 1.0546 are recommended. 

[NDelic]

USD/CAD Elliott Wave  

Since our last analyses, the USDCAD pair has been trading upwards, just like we expected, corrective wave (.c) (coloured black) of the bigger wave .v (coloured black) has been developing. Yesterday, during the Asian session, we could observe ascending movements from 1.0451 towards the 1.0473 level. Therefore, during the European and New York sessions this commodity currency did not manage to hold this level and the price retraced back to the 1.0434 level. We can consider this move as the end of the (. wave (coloured black) of the bigger .v wave (coloured black). At the moment, the USD/CAD pair is trading around the 1.0473 level, and we should see more upward movements in the next couple of sessions. In accordance with our wave rules and taking into account that wave 5 should retrace 123.6% of wave 4, we can define the potential targets with measuring wave 4 with take profit at 1.0550 (123.6% of wave 4). To reduce the risk, we can use invalidation point at the 1.0435 level as stop loss. 

Support and Resistance 

(S3) 1.0392 (S2) 1.0413 (S1) 1.0430 (PP) 1.0451 (R1) 1.0468 (R2) 1.0489 (R3) 1.0506 

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 1.0480 with stop loss at 1.0435 and take profit at 1.0550 are recommended. 

[NDelic]

USD/CAD Elliott Wave  

Last week, the USD/CAD pair was trading upwards, impulsive wave .v (coloured black) of the bigger wave c (coloured blue) was developing. During Friday's Asian and European sessions, we could observe ascending movements from 1.0514 towards the 1.0567 level. Therefore, during the New York session, this commodity pair did not manage to hold this resistance level and the price dropped to the 1.0508 level. At the moment, the USD/CAD pair is trading around 1.0580 and we are expecting to see the price lower any time soon. In accordance with our wave rules and taking into account that wave C should retrace 100% of wave A, we can define potential targets with measuring wave A with take profit at 1.0152 (100% of wave A). To reduce the risk, we can use invalidation point at the 1.0600 level as stop loss. 

Support and Resistance 

(S3) 1.0446, (S2) 1.0480, (S1) 1.0499, (PP) 1.0533, (R1) 1.0552, (R2) 1.0586, (R3) 1.0605. 

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 1.0500 with stop loss at 1.0600 and take profit at 1.0152 are recommended.  

[NDelic]

AUD/USD Elliott Wave  

For the last few days the AUD/USD pair has been trading downwards, ending diagonal inside the last .v wave (coloured black) of the bigger c wave (coloured blue) has been developing. Yesterday, during the Asian session we could observe ascending movement from 0.9112 towards the 0.9148 level and we can consider this move as the end of the ii wave (coloured purple). Therefore, during the European and New York session this major currency did not manage to hold around the highs and price has retraced back to 0.9067 level. At the moment the AUDUSD pair is trading around 0.9067 and we are expecting to see more bearish movements before price turns higher in the c wave (coloured red). In accordance with our wave rules and taking into account that wave 5 should retrace 61.8% of wave 3, we can define the potential targets with measuring wave 3 with take profit at 0.8995 (61.8% of wave 3). To reduce the risk, we can use invalidation point at 0.9150 level as stop loss.  

Support and Resistance  

(S3) 0.8993 (S2) 0.9033 (S1) 0.9068 (PP) 0.9108 (R1) 0.9143 (R2) 0.9183 (R3) 0.9218 

Trading forecast  

Proceeding from Elliot Wave rules today, the trend is expected to begin the downwards movements. That is why short position at level 0.9100 with stop loss at 0.9150 and take profit at 0.8995 are recommended. 

[NDelic]

USD/CAD Elliott Wave  

For more than a month the USD/CAD pair has been trading upwards, corrective wave © (coloured black) of the bigger FLAT b wave (coloured red) has been developing. During the Friday's Asian and European session we could observe descending movement from 1.0599 towards the 1.0558 level. Therefore, during the New York session this commodity pair did not manage to hold around the lows and price has retraced back to 1.0627 level. At the moment the USD/CAD pair is trading around the Friday's high and we expect the end of the Ending Diagonal structure inside the © of b wave in the next few days and from there we should look for selling opportunity inside the c of (X) wave. In accordance with our wave rules and taking into account that wave X should retrace 50% of wave W, we can define the potential targets with measuring wave W with take profit at 1.0123 (50% of wave W). To reduce the risk, we can use invalidation point at 1.0700 level as stop loss.  

Support and Resistance 

(S3) 1.0234 (S2) 1.0316 (S1) 1.0464 (PP) 1.0546 (R1) 1.0694 (R2) 1.0776 (R3) 1.0924  

Trading forecast  

Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short position at level 1.0550 with stop loss at 1.0700 and take profit at 1.0123 are recommended.

[NDelic]

AUD/USD Elliott Wave  

For the last few days the AUD/USD pair has been trading sideways, corrective wave b (coloured blue) of the bigger wave b (coloured red) has been developing. Yesterday, during the Asian session we could observe descending movement from 0.9128 towards the 0.9055 level. Therefore, during the European and New York session this major pair did not manage to hold around the lows and the price retraced back to 0.9144 level (end of the b wave on the chart). At the moment, the AUD/USD pair is trading around 0.9036 level and we expect to see few more sessions of bearish movements before price turn higher in the c wave.In accordance with our wave rules and taking into account that wave B should retrace 90% of wave A, we can define the potential targets with measuring wave A with take profit at 0.8940 (90% of wave A). To reduce the risk, we can use invalidation point at 0.9150 level as stop loss. 

Support and resistance  

(S3) 0.8989 (S2) 0.9023 (S1) 0.9078 (PP) 0.9112 (R1) 0.9167 (R2) 0.9201 (R3) 0.9256 

Trading forecast  

Proceeding from Elliot Wave rules today, the trend is expected to begin the downwards movements. That is why short position at level 0.9000 with stop loss at 0.9100  and take profit at 0.8940 are recommended. 

[NDelic]

USD/CAD Elliott Wave  
Since our last analyses the USD/CAD pair has continued trading lower, impulsive wave .iii (coloured black) of the bigger wave i (coloured blue) has been developing. Yesterday, during the Asian and European sessions, we could observe an ascending movement from 1.0637 towards the 1.0668 level, and we can call this move as the end of the second swing inside the .iii wave. Therefore, during the early New York session, this commodity pair did not manage to hold this levels and the price retraced back to the 1.0623 level. At the moment, the USD/CAD pair is trading around 1.06237, and we are expecting to see more bearish movements in the next few days. 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 1.0537 (161.8% of wave 1). To reduce the risk, we can use invalidation point at 1.0699 as stop loss.  
Support and Resistance 
(S3) 1.0569 (S2) 1.0597 (S1) 1.0612 (PP) 1.0640 (R1) 1.0655 (R2) 1.0683 (R3) 1.0698 
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 1.0650 with stop loss at 1.0699 and take profit at 1.0537 are recommended.

[NDelic]

USD/CAD Elliott Wave  

Since our last analyses the USD/CAD pair has been trading downwards, corrective wave c (coloured red) of the bigger wave (X) (coloured blue) has been developing. Yesterday, during the Asian and European session we could observe descending movement from 1.0615 towards 1.0583. Therefore, during the New York session this commodity pair did not manage to hold this levels and the price retraced back to 1.0619. At the moment the USD/CAD pair has been trading around 1.05800 and we should see more downwards movements for the next couple of months. In accordance with our wave rules and taking into account that wave C should retrace 161.8% of wave A we can define the potential targets with measuring wave A with take profit at 1.0104 (161.8% of wave 1). To reduce the risk, we can use invalidation point at 1.0708 level as stop loss. 

Support and Resistance 

(S3) 1.0540 (S2) 1.0562 (S1) 1.0575 (PP) 1.0597 (R1) 1.0610 (R2) 1.0632 (R3) 1.0645 

Trading forecast  

Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movements. That is why short positions at 1.0500 with stop loss at 1.0708 and take profit at 1.0104 are recommended. 

[NDelic]

USD/CAD Elliott Wave  

Since our last analyses the USD/CAD pair has been trading sideways, corrective wave .b (coloured black) of the bigger wave y (coloured blue) has been developing. Yesterday, during the Asian and European sessions, we could observe descending movements from 1.0592 towards 1.0570 level. Therefore, during the New York session this commodity currency did not manage to hold this levels and the price retraced back to 1.0594 level. At the moment, the USD/CAD pair is trading around 1.0571 and we are expecting to see one more push lower before the price turns higher again in the (5)  wave.In accordance with our wave rules and taking into account that wave B should retrace 61.8% of wave A, we can define the potential targets with measuring wave A with take profit at 1.0631 (61.8% of wave 1). To reduce the risk, we can use invalidation point at 1.0570 level as stop loss. 

Support and Resistance 

(S3) 1.0557 (S2) 1.0564 (S1) 1.0579 (PP) 1.0586 (R1) 1.0601 (R2) 1.0608 (R3) 1.0623 

Trading forecast  

Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movements. That is why long positions at 1.0590 with stop loss at 1.0570 and take profit at 1.0631 are recommended.