AUDCAD – Looking good for long trades

The AUDCAD Forex pair has been moving sideways in corrective and consolidating price action. My primary strategy considers that we will break to the upside for another leg up.

This wave count consider that we have finished blue wave 4 as a running flat.

This scenario would lead us to a break of the green resistance.

The count is valid until 0.92 is broken.

Note that the green ascending trendline has also been giving good support, reinforcing the bullish thesis.

My target for wave III (green) is the 0.945 to 0.95 zone.

My trading strategy:

- I have entered a small position before the break of resistance (small risk, high reward)
- I will add up on the position after a break and retest of resistance
- First target is 0.945
- Final target is 0.96