Elliott Wave Analysis On AUDUSD And USDCAD
AUDUSD is trading nicely higher now above 0.7600 after sharp turn up yesterday, so obviously wave 4 has finished much earlier than we thought. It was sharp corrective retracement that put wave 5 in play now for 0.7700 projection. Despite very strong push up there is still a bearish divergence visible on the charts which means that new corrective set-back may occur; probably next week down in red wave 4).
AUDUSD, 4H
USDCAD
USDCAD is trading sharply lower, now at new lows after recent turn down from 1.3400 where pair accomplished wave 4) as a flat correction. If that is correct, then current leg down is red wave 5) of 3/C that can be looking for a base at 1.2800-1.2900 area. However, any short-term and temporary bottom can be confirmed only if we get an impulsive leg up, back above 1.3180.
USDCAD, 4H
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