As you might know, we are looking higher on stocks based on Elliott Wave structure after only three waves of decline on E-mini S&P500 from 2400 highs. So more upside on stocks is normally bearish for Japanese yen, in risk-on environment. At the same time we see Oil prices in bullish mode as well which can be supportive for the Canadian dollar. What all that said,...
From 4h chart clear up swing with large candles. Retracement at 0.789 Fibo level, where there is also a support in the 1.08500-1.08550 area.
BUY LIMIT: 1.08581
T/P 1: 1.09006 (50% retracement)
T/P 2: 1.09572
I expect AU to bounce from the small resistance zone only to get rejected off the demand zone around 0.7606, shooting at the TL and triggering my entry. Obviously closing before NFP if it's not closed by then. If price breaks current resistance then entry is invalid.
1% SL: 0.75945