AUD/CAD Elliott Wave
Since our last analysis the AUD/CAD pair was trading in an upward move, developing corrective (B) wave (coloured green) of the bigger (2) wave (coloured orange). Yesterday during the European and New York sessions we could observe strong ascending movement from 1.0332 towards the 1.0430 level where this currency pair found resistance and the price started pushing lower at the end of the NY session. At the moment, the price is trading around 1.0410 level and we are expecting to see it around 1.0480 soon .In accordance with our wave rules and taking into account that the wave B retraces 61.8% of the wave A, we can define the potential targets with Fibonacci retracement (1.0593-1.0292), with Take Profit at 1.0481 (61.8% of wave A). To reduce the risk, we can use support at 1.0375 level as Stop Loss.
Support and Resistance
(S3) 1.0198 (S2) 1.0293 (S1) 1.0351 (PP) 1.0389 (R1) 1.0446 (R2) 1.0484 (R3) 1.0579
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.0415 with Stop Loss 1.0375 and Take Profit 1.0481 are recommended.