USD/CAD Short Trade
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
AUD/CAD rising inside intermediate impulse wave (3)
2019-11-11 • Updated
- AUD/CAD rising inside intermediate impulse wave (3)
- Next buy target - 1.0250
AUD/CAD has been rising sharply in the last few trading sessions inside the intermediate impulse wave (3) - which started earlier from the combined support area lying between the parity, lower daily Bollinger Band and the 50% Fibonacci retracement of the previous sharp upward impulse (1) from January. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Hammer.
AUD/CAD is expected to rise to the next buy target at the round resistance level 1.0250 (top of wave B) – the breakout of which can lead to further gains toward 1.0330 (top of impulse (1)).
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USD/CAD managed to advance further yesterday breaking above 1.21, reaching as high as 1.2128 earlier today, while our long signal that was issued at 1.2060 is now in profit with over +60 pips.
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