AUDCAD Elliott Wave Sequence Presents Clear Trading Opportunity

Australian Dollar has seen a surge in volatility at start of the year which started with a sharp decline followed by a quick recovery and AUDCAD is no different. Traders know that volatility brings along trading opportunities so we take a look at the Swing Sequence and Elliott Wave Forecast of AUDCAD forex pair to highlight the next high probability trading area.

AUDCAD Elliott Wave Swing Sequence from 2012 peak

The chart below shows Elliott wave swing sequence down from 2.2012 peak. Numbers on the chart represent swings and not waves. Currently we can see 5 swings down from 2.2012 peak when 1st swing ended at 0.9175, 2nd swing ended at 1.0349, 3rd swing ended at 0.9151, 4th swing ended at 1.039 and 5th swing ended at 0.9105, 6th swing is proposed to be still in progress and is expected to stay below 4th swing high (1.039) and below the descending trend line (currently at 1.0165) for another swing lower to complete 7 swings Elliott wave sequence between 0.8739 - 0.7711.

(Click on image to enlarge)

AUDCAD Elliott Wave Swing sequence down from 2012 peak

 

AUDCAD Daily Chart Highlights High Probability Trading Area

AUDCAD daily chart below shows the Elliott Wave structure of the decline from 2016 peak (1.0410). The decline from 1.0410 unfolded in 7 swings and since then the pair is proposed to be in a bounce to correct the decline from 1.0410 peak. While above 1/3/2019 (0.9154) low, expect the pair to continue higher toward 0.9826 - 1.0242 area to complete wave ((X)) from where it can resume the decline for new lows toward 0.8739 area or pull back in 3 waves at least to allow sellers to get into a risk-free position. As there is no bullish sequence so we don't like the buying and expect sellers to appear in 0.9826 - 1.0242 area to push prices lower.

(Click on image to enlarge)

AUDCAD Daily Elliott Wave Analysis

 

 

Disclaimer: Futures, options, and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.