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USD/CAD Elliott Wave
Since our last analysis the AUD/USD pair has been trading downwards, our invalidation point was broken, so we changed our primary wave count a little bit. Yesterday, during the Asian and European sessions we could observe strong descending movement from 1.0393 towards the 1.0326. Therefore, during the New York session this major currency has continued trading in a bearish mood and the price dropped to 1.0276 level. Today, during the early Asian session we could observe price reaching a 1.0268 level and we consider this move as the end of the sub-wave 5 (coloured blue) of the (A) wave (coloured green). 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 1.0462 (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) 1.0128 (S2) 1.0167 (S1) 1.0215 (PP) 1.0254 (R1) 1.0302 (R2) 1.0341 (R3) 1.0389
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0230 with stop loss at 1.0300 and take profit at 1.0039 are recommended.
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