AUD/CAD: Possible flat correction
|The chart below shows AUD/CAD has been in a bullish impulse since the 21st of October it completed our wxy pattern. Since then, we have been moving higher and have reached the 161.8 Fibonacci extension of wave i projected on ii at 0.95915.
We are now looking for a correction lower before we continue higher. The correction marked below is for an expanded flat correction to complete the abc correction at 0.94997.
We have 3 waves down as part of wave a. We are now forming 3 waves up for b and, the final move will be 5 waves down for c to complete our corrective pattern. At 0.94997 we can start looking for long positions.
Key news events to look out for Private Capital Expenditure q/q.
Res: 0.95933; 0.95500; 0.96815
Sup: 0.95382; 0.95000; 0.94475
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