AUDCAD: Why We Were Bullish
|Hello fellow traders. Another pair we have traded lately is AUDCAD. As our members know, AUDCAD is having incomplete bullish sequences in the 1 Hour cycle and suggesting further rally.
Due to incomplete structure the pair is targeting 1.0212+ area according to Sequence Report. Consequently, we advised clients to avoid selling the pair and keep on buying the dips in the sequences of 3,7,or 11 swings whenever there was an opportunity to do so.
Now, let’s take a look at the past Elliott Wave charts of AUDCAD published in members area of the website.
AUDCAD 1 Hour Elliott Wave Analysis 3.8.2018
As we can see on the charts bellow, the pair is currently correcting the cycle from the 0.98711 low. Wave X red pull back is in progress, unfolding as Double Three Structure ( 7 swings pattern). It’s sub-divisons are labeled as ((w))-((x))-((y)) black . Currently the sequences of the pull back looks incomplete as we have 5 swings to the downside. We’re missing another leg toward 1.0089-1.00135 area which should complete proposed Elliott Wave structure. Short term view suggests we’re still in ((y)) leg that can reach the area shown in the lower blue box. We don’t recommend selling it against the main bullish trend and favor the long side, buying the dips at 1.0089-1.00135 area . Invalidation for the long trades is break below 1.618 Fibonacci extension (0.9987).
AUDCAD 1 Hour Elliott Wave Analysis 3.13.2018
We got proposed push lower toward our buying zone as expected. AUDCAD found buyers there and gave us a nice reaction to the upside as expected. As a result, members who bought the pair in the mentioned area are now enjoying profits with risk free positions. While above 1.00063 low, pull back X red is counted completed there , however we would like to see break above W red peak, to get confirmation that next leg higher is in progress. Currently, the price is at the extremes from the mentioned low at 1.0115-1.0162. We can get 3 waves pull back before further rally resumes. Keep in mind market is very dynamic and short term view could have changed or not be valid any more when you look at this chart but if you’re interested in more updates in this pair and new trading setups, you can find them in the membership area of EWF.
Become a Successful Trader and Master Elliott Wave like a Pro. Start your Free 14 Day Trial at - Elliott Wave Forecast.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.