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).
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.
Find more: Contributing Authors