DanV

AUDCAD - INTERMEDIATE TERM SHORT SWING TRADE

Short
FX:AUDCAD   Australian Dollar/Canadian Dollar
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3
Since the 2012 top, it appears that AUDCAD has move sideways in what could be a Flat Correction . If to then we have waves (a) and (b) almost complete and are both abc zigzag . That would suggest that the Wave (c) of the Flat correction just commenced or will do so shortly will be strong 5 wave decline. Risk is relevantly small and can be initiated using smaller TF like H4 to ensure confirmation that the top is in place and RSI divergence is also in place. H4 TF seems to indicate that Friday's top could be the swing high and short could be considered.

Comments

Hope you, you did not miss this one, though initially it was worrying a little in that the actual move took place little later that originally anticipated and from higher level and has almost made the minimum target of retesting the 0.99 level. So for now will be looking to close the trade on any lower prices as it could bounce to 1.01 area for wave iv and then final leg down but will re-enter then
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