AUDCAD: W,X,Y Correction Completion Could Provide Shorts
I have been bearish on AUDCAD since April 17 turn... My view remains intact as long as prices remain below 0.94. First signs to appear near 0.92.
The current minute structure suggests that wave 5 is underway, with minuette wave (y) currently in play in the form of a bearish rising wedge . Should the triangle pattern end up higher or reverse at the top triangle trendline the structure could be completed and prices could start turning lower. That could bring a rather sharp minute wave 5 since wave 4 is a triangle. Should the triangle near the 0.9167 extension, that could transform the current flat correction pattern.
The downside potential is marked at 0.8732, which is the 161.8% Fibonacci extension of the 0.9616 - 0.92 - 0.94 triangulation.
Should bears take over once again minute v will be underway!
Chances of this turning into a minute a,b,c are still in play.
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
The current minute structure suggests that wave 5 is underway, with minuette wave (y) currently in play in the form of a bearish rising wedge . Should the triangle pattern end up higher or reverse at the top triangle trendline the structure could be completed and prices could start turning lower. That could bring a rather sharp minute wave 5 since wave 4 is a triangle. Should the triangle near the 0.9167 extension, that could transform the current flat correction pattern.
The downside potential is marked at 0.8732, which is the 161.8% Fibonacci extension of the 0.9616 - 0.92 - 0.94 triangulation.
Should bears take over once again minute v will be underway!
Chances of this turning into a minute a,b,c are still in play.
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
Comment:
100% FE at 0.9068 reached! Let's see what the next few candles have to say.
Comment:
We could see prices extend up to 0.91676 before further clues, unless if we get an early continuation on the back of 1.382£% FE at 0.91296
Comment:
Extention looks exhausted. We could see that turning lower now, provided 0.9050 weakens
Comment:
Over 70 pips ITM and there's more room to move down
Comment:
Looking at last target near 0.8735