26.09.201212:48 Forex Analysis & Reviews: AUD/CAD Wave Analysis for September 26,2012

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

AUD/CAD Elliott Wave
For the last few days the AUD/CAD pair was trading in a downward move, developing corrective C wave (coloured blue) of the bigger wave (2) (coloured green). Yesterday during the European session, we could observe an ascending movement from 1.0190 towards the 1.0229 level. Therefore, during the early New York session the AUD/CAD did not manage to hold this level and price started pushing lower reaching a new daily low at 1.0175 level. At the moment, this currency pair is trading around 1.0160 level and we are expecting to see price around 1.0100 level soon. In accordance with our wave rules and taking into account that the wave 2 should retrace 78.6% of the wave 1, we can define the potential targets with Fibonacci Retracement (1.0050-1.0268), with Take Profit 1 at 1.0100 (78.6% of wave 1). To reduce the risk, we can use resistance at 1.0185 level as Stop Loss.
Support and Resistance
(S3) 1.0145 (S2) 1.0166 (S1) 1.0179 (PP) 1.0200 (R1) 1.0221 (R2) 1.0234 (R3) 1.0255
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0150 with Stop Loss 1.0185 and Take Profit at 1.0100 are recommended.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.