AUDCAD: Trend Reversal?
Talking Point:
Technical Strategy: Confirming it's bearish outlook
Elliottwave View: Confirming completion of wave (C) of c
Analysis
AUDCAD was trading sideway from Aug-2013. We were seen May-2015 a declined again but unable to takeout Aug-2013 low in impulse manner. We were experienced a bounce from 9170 area in May-2015. However, upside was corrective and can be counted as flat correction in elliott-wave and possibly correction is over on 1.04 zone. With that in mind, we are expecting trend reversal should be taking place and can be seen impulsive declined from 1.04 and possibly we had it's first leg down from 1.04 to 0.9864. Ongoing upward momentum can be wave 2 / wave B.
Action
We are having level planned to short this pair with limited risk and having maximum rewards.
-- By @Hoagtrding (Hoagtrading.com)
Technical Strategy: Confirming it's bearish outlook
Elliottwave View: Confirming completion of wave (C) of c
Analysis
AUDCAD was trading sideway from Aug-2013. We were seen May-2015 a declined again but unable to takeout Aug-2013 low in impulse manner. We were experienced a bounce from 9170 area in May-2015. However, upside was corrective and can be counted as flat correction in elliott-wave and possibly correction is over on 1.04 zone. With that in mind, we are expecting trend reversal should be taking place and can be seen impulsive declined from 1.04 and possibly we had it's first leg down from 1.04 to 0.9864. Ongoing upward momentum can be wave 2 / wave B.
Action
We are having level planned to short this pair with limited risk and having maximum rewards.
-- By @Hoagtrding (Hoagtrading.com)
-- By Hoagtrading.com (Twitter: @Hoagtrading)
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