Daily Wave Analysis from InstaForex

[NDelic]

USD/CAD Elliott Wave

For the last few days the USD/CAD pair has been trading in a sideways move, triangle correction ( (coloured blue) has been developing. Yesterday, during the Asian and European sessions we could observe descending movement from 1.0366 towards the 1.0323 level and we can consider this move as the end of the final E wave of the bigger wave ( (coloured blue). Therefore, during the New York session this commodity currency did not manage to hold this levels and price has reached a new high at 1.0405 level. At the moment the USD/CAD pair is trading around 1.0389 and we expect to see the price lower when development of the wave 2 (coloured green) starts. In accordance with our wave rules and taking into account that wave 2 should retrace 61.8% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.0356 (61.8% of wave 1). To reduce the risk, we can use resistance point at 1.0444 level as stop loss.

Support and Resistance

(S3) 1.0263 (S2) 1.0293 (S1) 1.0346 (PP) 1.0376 (R1) 1.0429 (R2) 1.0459 (R3) 1.0512

Trading forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0420 with stop loss at 1.0444 and take profit at 1.0356 are recommended.

[NDelic]

EUR/USD Elliott Wave

Since our last analyses the EUR/USD pair has continued trading upwards, so we have changed our primary wave count a little bit. During the Thursday's Asian and European sessions we could observe ascending movement from 1.2941 towards the 1.3005 level. Therefore, during the New York session this major currency has continued trading in a bullish mood and the price has reached a new high at 1.3060 level. We can consider this movement as the end of the corrective wave Y (coloured blue) of the bigger wave (2) (coloured blue). At the moment the EUR/USD pair is trading around 1.2988 area and we expect to see the price lower in the next few sessions. In accordance with our wave rules and taking into account that wave 3 should retrace minimum 100% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.2610 (100% of wave 1). To reduce the risk, we can use resistance point at 1.3196 level as stop loss.

Support and Resistance

(S3) 1.2840 (S2) 1.2886 (S1) 1.2967 (PP) 1.3013 (R1) 1.3094 (R2) 1.3140 (R3) 1.3221

Trading forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.2970 with stop loss at 1.3196 and take profit at 1.2610 are recommended.

[NDelic]

USD/CAD Elliott Wave

Since our last analyses the USD/CAD pair has been trading upwards, just like we expected, corrective wave B (coloured green) of the bigger wave (4) (coloured blue) has finished developing. During the Friday's European session we could observe descending movement from 1.3065 towards the 1.0302 level and we can consider this move as the end of the corrective sub-wave (coloured red) of the B wave (coloured green). Therefore, during the New York session this commodity currency did not manage to hold this levels and the price has retraced to the daily high at 1.3080 level. We can consider this move as the end of the final sub-wave [c] (coloured red) of the B wave. At the moment the USD/CAD pair is trading around 1.3060 area and we expect to see the price lower for 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 1.0249 (100% of wave A). To reduce the risk, we can use resistance point at 1.0400 level as stop loss.

Support and Resistance

(S3) 1.0261 (S2) 1.0294 (S1) 1.0314 (PP) 1.0347 (R1) 1.0380 (R2) 1.0400 (R3) 1.0433

Trading forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0350 with stop loss at 1.0400 and take profit at 1.0249 are recommended.

[NDelic]

USD/CAD Elliott Wave

For the last few days the USD/CAD pair has been trading upwards, impulsive wave 1 (coloured green) of the bigger wave (5) (coloured blue) has finished developing. Yesterday, during the Asian and European sessions we could observe ascending movement from 1.0275 towards the 1.0332 level. Therefore, during the New York session this major currency has continued trading in a bullish mood and the price has reached a new daily high at 1.0360 level. At the moment the USD/CAD pair is finishing corrective wave 2 (coloured green) and we expect to see the price higher in the next few sessions. In accordance with our wave rules and taking into account that wave 3 should retrace 100% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.0432 (100% of wave 1). To reduce the risk, we can use invalidation point at 1.0260 level as stop loss.

Support and Resistance

(S3) 1.0267 (S2) 1.0296 (S1) 1.0320 (PP) 1.0349 (R1) 1.0373 (R2) 1.0402 (R3) 1.0426

Trading forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0335 with stop loss at 1.0260 and take profit at 1.0432 are recommended.

[NDelic]

AUD/USD Elliott Wave

Since our last analyses the AUD/USD pair has been trading downwards, impulsive wave [1] (coloured red) of the bigger wave 3 (coloured green) has finished developing. During the Friday's Asian and European sessions we could observe descending movement from 0.9571 towards the 0.9462 level. Therefore, during the New York session this major currency pair has continued trading in a bearish mood and the price has reached a new low at 0.9428 level. At the moment the AUD/USD pair is developing corrective wave [2] (coloured red) and we are expecting to see the price higher in the next few days. In accordance with our wave rules and taking into account that wave 2 should retrace 61.8% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9565 (61.8% of wave 1). To reduce the risk, we can use support point at 0.9385 level as stop loss.

Support and Resistance

(S3) 0.9247 (S2) 0.9337 (S1) 0.9413 (PP) 0.9503 (R1) 0.9579 (R2) 0.9669 (R3) 0.9745

Trading forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 0.9435 with stop loss at 0.9385 and take profit at 0.9565 are recommended.

[NDelic]

<div></div>

<div>AUD/USD Elliott Wave </div>

<div>Since our last analyses the AUD/USD pair has been trading upwards, so we have changed our primary wave count a little bit. Yesterday, during the Asian and European sessions, we could observe a strong descending movement from 0.9466 towards the 0.9325 level and we can consider this move as the end of the impulsive wave (coloured red) of the bigger wave 3 (coloured green). Therefore, during the early New York session this major currency did not manage to hold this level and price has retraced back to 0.9553 level. At the moment, the AUD/USD pair is developing the final sub-wave C (coloured blue) of the wave [ii] (coloured red) and we are expecting to see the price lower in the next few sessions. 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 0.9050 (161.8% of wave 3). To reduce the risk, we can use resistance point at 0.9672 level as stop loss. </div>

<div>Support and Resistance </div>

<div>(S3) 0.9203 (S2) 0.9264 (S1) 0.9348 (PP) 0.9409 (R1) 0.9493 (R2) 0.9554 (R3) 0.9638. </div>

<div>Trading forecast </div>

<div>Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9530 with stop loss at 0.0672 and take profit at 0.9050 are recommended. </div>

<div> </div>

 

[NDelic]

USD/CAD Elliott Wave

Since our last analyses the USD/CAD pair has been trading upwards, just like we expected, impulsive sub-wave 3 (coloured blue) of the bigger wave [1] (coloured red) has been developing. During the Monday's Asian session we could observe descending movement from 1.0172 towards the 1.0148 level and we can consider this move as the end of the corrective wave 2 (coloured blue). Therefore, during the European and New York sessions this major currency did not manage to hold this levels and the price has pushed higher reaching a new two-day high at 1.0204 level. At the moment the USD/CAD pair is trading around 1.0200 area and we expect to see the price slightly higher in the next few session. 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 1.0222 (161.8% of wave 1). To reduce the risk, we can use support point at 1.0180 level as stop loss.

Support and Resistance

(S3) 1.0098 (S2) 1.0124 (S1) 1.0154 (PP) 1.0180 (R1) 1.0210 (R2) 1.0236 (R3) 1.0266

Trading forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0204 with stop loss at 1.0180 and take profit at 1.0222 are recommended.

[NDelic]

AUD/USD Elliott Wave

For the last few days the AUD/USD pair has been trading downwards, impulsive wave 3 (coloured blue) of the bigger wave (3) (coloured red) has been developing. Yesterday, during the Asian and European sessions we could observe strong descending movement from 0.9571 towards the 0.9441 level. Therefore, during the late New York session this major currency did not manage to hold this level and the price has retraced back to 0.9515 level (NY sessions high). At the moment the AUD/USD pair is at the end of the corrective wave 4 (coloured blue) and we expect to see one more push lower when developing of the wave 5 (coloured blue) starts. 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 0.9409 (61.8% of wave 3). To reduce the risk, we can use invalidation point at 0.9565 level as stop loss.

Support and Resistance

(S3) 0.9290 (S2) 0.9364 (S1) 0.9424 (PP) 0.9498 (R1) 0.9558 (R2) 0.9632 (R3) 0.9692

Trading forecast

Proceeding from Elliott Wave today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9500 with stop loss at 0.9565 and take profit at 0.9409 are recommended.

[NDelic]

USD/CAD Elliott Wave

For the last few days the USD/CAD pair has been trading upwards, impulsive wave 3 (coloured blue) of the bigger wave [1] (coloured red) has been developing. During the Wednesday's Asian and European sessions we could observe descending movement from 1.0239 towards the 1.0175 level and we can consider this move as the end of the corrective sub-wave 2 of the wave 3 (coloured blue). Therefore, during the late New York session this major currency did not manage to hold this levels and the price has retraced all the way to 1.0284 level. At the moment the USD/CAD pair is trading around 1.0310 area and we expect to see the continuation of the bullish mood for the couple of days. In accordance with our wave rules and taking into account that wave 3 should retrace 461.8% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.0363 (461.8% of wave 1). To reduce the risk, we can use support point at 1.0240 level as stop loss.

Support and Resistance

(S3) 1.0087 (S2) 1.0130 (S1) 1.0200 (PP) 1.0243 (R1) 1.0313 (R2) 1.0356 (R3) 1.0426

Trading forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0330 with stop loss at 1.0240 and take profit at 1.0363 are recommended.

[NDelic]

AUD/USD Elliott Wave

Since our last analysis the AUD/USD pair has been trading downwards, impulsive sub-wave 3 of the bigger wave 3 (coloured blue) has been developing. Yesterday, during the Asian and European sessions we could observe descending movement from 0.9312 towards the 0.9164 level and we can consider this move as the end of the impulsive sub-wave 3 (coloured blue). Therefore, during the New York session this major currency did not manage to hold this area and the price has retraced back to 0.9235 level. At the moment the AUD/USD pair is trading around 0.9240 area and we expect to see the continuation of the bearish movement in the next few sessions. 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 0.9095 (61.8% of wave 3). To reduce the risk, we can use invalidation point at 0.9438 level as stop loss.

Support and Resistance

(S3) 0.8984 (S2) 0.9073 (S1) 0.9134 (PP) 0.9223 (R1) 0.9284 (R2) 0.9373 (R3) 0.9434

Trading forecast

Proceeding from Elliott Wave today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9319 with stop loss at 0.9438 and take profit at 0.9095 are recommended.

[NDelic]

AUD/USD Elliott Wave

Since our last analyses the AUD/USD pair has been trading side ways, corrective wave 4 (coloured green) of the bigger wave 3 (coloured blue) has been developing. During the Friday's Asian and European sessions we could observe descending movement from 0.95258 towards the 0.9181 level.Therefore, during the New York session this currency did not manage to hold this levels and the price has retraced back to 0.9250 level. At the moment the AUD/USD pair is trading around 0.9174 area and we expect to see the price higher when development of the corrective wave 4 (coloured blue) starts. In accordance with our wave rules and taking into account that wave 4 should retrace 38.2% of wave 3, we can define the potential targets with measuring wave 3 with take profit at 0.9307 (38.2% of wave 3). To reduce the risk, we can use support point at 0.9100 level as stop loss.

Support and Resistance

(S3) 0.9141 (S2) 0.9170 (S1) 0.9188 (PP) 0.9217 (R1) 0.9246 (R2) 0.9264 (R3) 0.9293

Trading forecast

Proceeding from Elliott Wave today, the trend is expected to begin the upwards movement. That is why long positions at level 0.9200 with stop loss at 0.9100 and take profit at 0.9300 are recommended.

[NDelic]

AUD/USD Elliott Wave

Since our last analyses the AUD/USD pair has been trading sideways, corrective sub-wave b (coloured green) of the bigger wave 4 (coloured blue) has been developing. Yesterday, during the European session we could observe descending movement from 0.9296 towards the 0.9217 level. Therefore, during the New York session this major currency did not manage to hold this level and the price has reached a new session's high at 0.9277 level. At the moment the AUD/USD pair is trading around 0.9295 area and we expect to see the price lower in the next few sessions. 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 0.9023 (61.8% of wave 3). To reduce the risk, we can use resistance point at 0.9433 level as stop loss.

Support and Resistance

(S3) 0.9100 (S2) 0.9148 (S1) 0.9200 (PP) 0.9248 (R1) 0.9300 (R2) 0.9348 (R3) 0.9400

Trading forecast

Proceeding from Elliott Wave today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9265 with stop loss at 0.9433 and take profit at 0.9023 are recommended.

[NDelic]

AUD/USD Elliott Wave

Since our last analyses the AUD/USD pair has been trading downwards, just like we expected, impulsive wave 3 (coloured green) of the bigger wave 5 (coloured blue) has been developing. Yesterday, during the Asian and European sessions we could observe descending movement from 0.9329 towards the 0.9262 level. Therefore, during the New York session this major currency has continued trading in a bearish mood and price has reached a new daily low at 0.9215 level. At the moment the AUD/USD pair is trading around 0.9240 are and we expect to see the price lower today. In accordance with our wave rules and taking into account that wave 3 should retrace 200% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9150 (200% of wave 1). To reduce the risk, we can use support point at 0.9300 level as stop loss.

Support and Resistance

(S3) 0.9169 (S2) 0.9215 (S1) 0.9245 (PP) 0.9291 (R1) 0.9321 (R2) 0.9367 (R3) 0.9397

Trading forecast

Proceeding from Elliott Wave today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9230 with stop loss at 0.9300 and take profit at 0.9150 are recommended.

[NDelic]

AUD/USD Elliott Wave

Since our last analysis, the AUD/USD pair has been trading upwards, corrective wave .4 (coloured green) of the bigger wave 5 (coloured blue) has been developing. During the Monday's Asian and European session we could observe strong ascending movement from 0.9153 towards the 0.9252 level and we can consider this move as the end of the corrective wave .4 (coloured green). Therefore, during the New York session when developing of the final wave .5 starts this major pair did not manage to hold this levels and price has dropped to the new sessions low at 0.9205 level. At the moment the AUD/USD pair is trading around 0.9182 and we are expecting to see price lower in the next few sessions. In accordance with our wave rules and taking into account that wave 5 should retrace 61.8% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9057 (61.8% of wave 1). To reduce the risk, we can use invalidation point at 0.9252 level as stop loss.

Support and resistance

(S3) 0.9015 (S2) 0.9065 (S1) 0.9151 (PP) 0.9201 (R1) 0.9287 (R2) 0.9337 (R3) 0.9423

Trading forecast

Proceeding from Elliott Wave today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9170 with stop loss at 0.9252 and take profit at 0.9057 are recommended.

[NDelic]

USD/CAD Elliott Wave

For the last few days the USD/CAD pair has been trading upwards, impulsive wave 5 (coloured blue) of the bigger wave [1] (coloured red) has finished developing. Yesterday, during the Asian and European session we could observe ascending movement from 1.0500 towards the 1.0577 level and we can consider this move as the end of the impulsive wave [1] (coloured red). Therefore, during the New York session this major currency did not manage to hold this levels and price has retraced back to 1.0528 level. At the moment, the USD/CAD pair is trading around 1.0550 and we are expecting to see price lower in the next few sessions. 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 1.0355 (50% of wave 1). To reduce the risk, we can use invalidation point at 1.0600 level as stop loss. Alternatively: If the price brakes above 1.0600 level, we need to consider that wave [1] (coloured red) is not over yet, in this scenario we can consider yesterday's target at 1.0662 as possible end of the wave [1].

Support and resistance

(S3) 1.0450 (S2) 1.0483 (S1) 1.0503 (PP) 1.0537 (R1) 1.0570 (R2) 1.0590 (R3) 1.0624

Trading forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0500 with stop loss at 1.0600 and take at 1.0355 are recommended.

[NDelic]

AUD/USD Elliott Wave

For the last few days the AUD/USD pair has been trading upwards, corrective wave A (coloured blue) of the bigger wave [4] (coloured red) has been developing. Yesterday, during the Asian and European session we could observe ascending movement from 0.9085 towards the 0.9178 level. Therefore, during the New York session this currency did not manage to hold this levels and price has retraced back to 0.9122 level. At the moment the AUD/USD pair is trading around 0.9158 level and we are expecting to see price higher in the next few days.In accordance with our wave rules and taking into account that wave 4 should retrace 38.2% of wave 3, we can define the potential targets with measuring wave 3 with take profit at 0.9277 (38.2% of wave 3). To reduce the risk, we can use support point at 0.9050 level as stop loss.

Support and resistance

(S3) 0.8975 (S2) 0.9023 (S1) 0.9083 (PP) 0.9131 (R1) 0.9191 (R2) 0.9239 (R3) 0.9299

Trading forecast

Proceeding from Elliott Wave today, the trend is expected to begin the upwards movement. That is why long positions at level 0.9170 with stop loss at 0.9050 and take profit at 0.9277 are recommended.

[NDelic]

AUD/USD Elliott Wave

Since our last analyses the AUD/USD pair has been trading upwards, just as we expected, corrective wave Y (coloured blue) of the bigger wave [4] (coloured red) has been developing. Yesterday, during the Asian session we could observe strong ascending movement from 0.9042 towards the 0.9100 level. Therefore, during the New York session this currency has continued to trade in a bullish mood and price has reached a new highs at 0.9143 level. Today, during the London session we could observe strong push higher to 0.9197 level (end of wave Y) and we are expecting to see price lower when developing of the wave [5] (coloured red) starts. 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 0.8799 (61.8% of wave 3). To reduce the risk, we can use invalidation point at 0.9335 level as stop loss.

Support and Resistance

(S3) 0.9134 (S2) 0.9152 (S1) 0.9162 (PP) 0.9180 (R1) 0.9190 (R2) 0.9208 (R3) 0.9218

Trading forecast

Proceeding from Elliott Wave today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9100 with stop loss at 0.9335 and take profit at 0.8799 are recommended

[NDelic]

USD/CAD Elliott Wave

For the last few days, the USD/CAD pair has been trading slightly lower, corrective sub-wave .c (coloured green) of the bigger wave 4 (coloured blue) has been developing. Yesterday, during the Asian and European session we could observe descending movement from 1.0652 towards the 1.0513 level. Therefore, during the New York session this commodity currency did not manage to hold this levels and the price has retraced back to 1.0540 area. At the moment, the USD/CAD pair is trading around 1.0514 and we are expecting to see the price higher for the end of the .d wave of the running triangle 4. In accordance with our wave rules and taking into account that wave D should retrace 61.8% of wave B, we can define the potential targets with measuring wave B with take profit at 1.0598 (61.8% of wave . To reduce the risk, we can use invalidation point at 1.0416 level as stop loss.

Support and Resistance

(S3) 1.0442 (S2) 1.0478 (S1) 1.0502 (PP) 1.0538 (R1) 1.0562 (R2) 1.0598 (R3) 1.0622

Trading forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0560 with stop loss at 1.0416 and take profit at 1.0598 are recommended.

[NDelic]

AUD/USD Elliott Wave

Since our last analyses the AUD/USD pair has been trading lower, just like we expected, corrective wave .i (coloured green) of the bigger wave 1 (coloured blue) has been developing. Yesterday, during the Asian and European session we could observe descending movement from 0.9304 towards the 0.9192 level. Therefore, during the New York session this currency has continued trading in a bearish mood and price has reached a new daily low at 0.9120 level. We can consider this move as the end of the wave .i (coloured green). At the moment, the AUD/USD pair is trading around 0.9120 and we are expecting to see another wave lower when developing of the corrective wave .ii (coloured green) ends.In accordance with our wave rules and taking into account that wave 3 should retrace minimum 100% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9050 (100% of wave 1). To reduce the risk, we can use invalidation point at 0.9315 level as stop loss.

Support and Resistance

(S3) 0.8916 (S2) 0.9017 (S1) 0.9102 (PP) 0.9203 (R1) 0.9288 (R2) 0.9389 (R3) 0.9474

Trading forecast

Proceeding from Elliott Wave today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9215 with stop loss at 0.9315 and take profit at 0.9050 are recommended.

[NDelic]

USD/CAD Elliott Wave

Since our last analyses the USD/CAD pair has been trading upwards, just like we expected, impulsive wave .3 (coloured green) of the bigger wave 5 (coloured blue) has been developing. During the Monday's Asian and European sessions we could observe ascending movements from 1.0379 towards the 1.0433 level.Therefore, during the New York session this currency has continued the bullish mood and the price has reached a new high at 1.0441 level. At the moment the USD/CAD pair is trading around 1.4335 and we are expecting to see price higher in the next few sessions.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 1.0539 (161.8% of wave 1). To reduce the risk, we can use support point at 1.0360 level as stop loss.

Support and Resistance

(S3) 1.0340 (S2) 1.0359 (S1) 1.0393 (PP) 1.0412 (R1) 1.0446 (R2) 1.0465 (R3) 1.0499

Trading forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0440 with stop loss at 1.0360 and take profit at 1.0539 are recommended.

[NDelic]

USD/CAD Elliott Wave

Since our last analysis the USD/CAD pair has been trading lower, so we have changed our primary wave count a little bit. Yesterday, during the Asian and European sessions we could observe descending movement from 1.0439 towards the 1.0362 level and we can consider this move as the end of the corrective b wave (coloured green) of the bigger b wave (coloured blue). Therefore, during the New York session this commodity currency did not manage to hold this levels and the price has retraced back to 1.0392 level. At the moment the USD/CAD pair is trading around 1.0396 and we expect to see the continuation of the bullish movement for the next few sessions. 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 1.0443 (161.8% of wave 1). To reduce the risk, we can use support point at 1.0360 level as stop loss.

Support and Resistance

(S3) 1.0263 (S2) 1.0313 (S1) 1.0341 (PP) 1.0391 (R1) 1.0419 (R2) 1.0469 (R3) 1.0497

Trading forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0400 with stop loss at 1.0360 and take profit at 1.0443 are recommended.

[NDelic]

USD/CAD Elliott Wave

Last week the USD/CAD pair was trading in a triangle consolidation pattern and we can consider this move as possible corrective wave 4 (coloured blue). During Friday's Asian and European sessions we could observe ascending movement from 1.0360 towards the 1/0392 level and we can consider this move as the end of the final sub-wave .e (coloured green) of the 4 wave (coloured blue). Therefore, during the New York session this commodity currency did not manage to hold these levels and the price has retraced back to 1.0354 level. At the moment the USD/CAD pair is trading around Friday's low and we expect to see the price lower for the next few days. 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 1.0280 (61.8% of wave 3). To reduce the risk, we can use resistance point at 1.0400 level as stop loss.

Support and Resistance

(S3) 1.0333 (S2) 1.0348 (S1) 1.0356 (PP) 1.0371 (R1) 1.0386 (R2) 1.0394 (R3) 1.0409

Trading forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0340 with stop loss at 1.0400 and take profit at 1.0280 are recommended

[NDelic]

USD/CAD Elliott Wave

Since our last analyses the USD/CAD pair has continued trading in a bearish mood and price has reached our target for the impulsive wave 5 (coloured blue) of the bigger wave (A) (coloured green). Yesterday, during the Asian and European sessions we could observe strong descending movement from 1.0348 towards the 1.0297 level. Therefore, during the New York session this downwards move has continued and this commodity currency has reached a new low at 1.0276 level (end of the 5 wave). At the moment the USD/CAD pair is trading at 1.0300 area and we expect to see the price higher for the next few sessions. In accordance with our wave rules and taking into account that wave B should retrace 61.8% of wave A, so we can define the potential targets with measuring wave A with take profit at 1.0481 (61.8% of wave A). To reduce the risk, we can use invalidation point at 1.0275 level as stop loss.

Support and Resistance

(S3) 1.0188 (S2) 1.0232 (S1) 1.0259 (PP) 1.0303 (R1) 1.0330 (R2) 1.0374 (R3) 1.0401

Trading forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0340 with stop loss at 1.0275 and take profit at 1.0481 are recommended

[NDelic]

USD/CAD Elliott Wave

Since our last analysis the USD/CAD pair has made a new low, so we need to consider the final wave 5 (coloured blue) of the (A) wave as incomplete. Yesterday, during the Asian and European sessions we could observe descending movement from 1.0312 towards the 1.0254 level and we can consider this move as the end of the wave (A) (coloured green). Therfore, during the New York session this currency did not manage to hold around the lows and price has retraced back to 1.0289 level. At the moment the USD/CAD pair is trading around 1.0276 level, and if price manages to stay above 1.0254 we can expect to see the price higher for the ( wave end. In accordance with our wave rules and taking into account that wave B should retrace 61.8% of wave A, so we can define the potential targets with measuring wave A with take profit at 1.0471 (61.8% of wave A). To reduce the risk, we can use invalidation point at 1.0254 level as stop loss. Alternate Count: Corrective wave (A) is not yet completed, and we could see one more push lower before price turn around when development of the ( wave starts.

Support and Resistance

(S3) 1.0185 (S2) 1.0219 (S1) 1.0249 (PP) 1.0283 (R1) 1.0313 (R2) 1.0347 (R3) 1.0377

Trading forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0330 with stop loss at 1.0254 and take profit at 1.0471 are recommended

[NDelic]

AUDUSD Elliott Wave

Since our last analyses the AUD/USD pair has been trading downwards, just like we expected, impulsive wave .3 (coloured green) of the bigger wave 1 (coloured blue) has been developing. During the Monday's Asian and European sessions we could observe descending movement from 0.9284 towards the 0.9187 level. Therefore, during the New York session this major currency has continued trading in a bullish mood and the price has made a new low at 0.9154 level. At the moment the AUD/USD pair is trading around 0.9072 and we expect to see the price staying in a bearish mood for the few more 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 0.8980 (161.8% of wave 1). To reduce the risk, we can use resistance point at 0.9185 level as stop loss.

Support and Resistance

(S3) 0.9067 (S2) 0.9127 (S1) 0.9166 (PP) 0.9226 (R1) 0.9265 (R2) 0.9325 (R3) 0.9364

Trading forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9060 with stop loss at 0.9185 and take profit at 0.8980 are recommended.