Show full picture
Market Overview
The USD/CAD pair is trading in a medium term bearish channel, Yesterday this major pair started in a bullish mood reaching above 0.9970 level ,after Building Permits m/m show 11,1% from the last report where we got -2.6% USD/CAD pair started pushing in the downward movement to the 0.9940 level where this pair found support and pushed slightly higher in the end of trading day.Today USD/CAD continued to push in bearish mood, price is currently testing yesterday's resistance level at 0.9940, today we have Housing start report released by Canadian Mortgage and Housing Corporation that could affect this pair, if we see high reading we will have a confirmation that Bearish mood is not over.We expect to see USD/CAD at the next support level around 0.9850 before we can see any changing of the trend.
Support and Resistance levels
(S3) 0.9905 (S2) 0.9926 (S1) 0.9939 (PP) 0.9960 (R1) 0.9981 (R2) 0.9994 (R3) 1.0015
AUD/USD Elliott Wave Analysis
USD/CAD is currently in e wave of bigger (B) wave, when wave e is over we can expect big bullish move in this major pair,Wave e formed sub-waves A at 0.9926 and wave B at 0.9994, Concerning our wave rules and assuming that wave C will be equal to wave A we can project our target point with Fibonacci extension (1.0033-0.9926-0.9994) to the 0.9886 level for Take Profit 2 we can use channel line around 0.9840.For stop loss we can use end of wave B 0.9994
Trading Forecast
Proceeding from Elliott Wave Rules the trend is expected to begin the downward movement to go lower today. That is why SHORT position at levels 0.9930 with Stop Loss at 0.9994 ,Take Profit 1 at 0.9886 and Take Profit 2 at 0.9840 are recommended
No comments:
Post a Comment