empty
 
 
23.08.2012 12:08 PM
AUD/CAD Wave Analysis for August 23,2012

This image is no longer relevant

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.

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback