AUDCAD December Technical Analysis: Reversal confirmed

FX:AUDCAD   Australian Dollar/Canadian Dollar
Talking Point:

Technical Strategy: Confirming it's bearish outlook
Elliottwave View: Reversal confirmed and counting impulsive waves

AUDCAD             was trading sideway from Aug-2013. We were seen May-2015 a declined again but unable to takeout Aug-2013 low in impulse manner. We were experienced a bounce from 9170 area in May-2015. However, upside was corrective and can be counted as flat correction in elliott-wave and possibly correction is over on 1.04 zone. With that in mind, we are expecting trend reversal should be taking place and can be seen impulsive declined from 1.04 and possibly we had it's first leg down from 1.04 to 0.9864 and now reversal confirmed from 1.0100 level. Currently we are counting impulsive bearish wave. We are expecting it's minor first leg will be completed soon and can expect small correction towards 1.00. This will provide anyone to join who missed this train.

We are running two short position from 1.01 and 1.004, and for both position we lowered down our stoploss.

-- By Hoagtrading.com (@Hoagtrading)
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