AUDCAD Technical Analysis: Expecting correction to be over
Talking Point:
Technical Strategy: Turning Bearish
Elliottwave View: Expecting completion of wave (C) of c.
Analysis
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 experienced a bounce from 9170 area in May-2015. However, upside was corrective and can be counted as flat correction in elliott-wave. With that in mind, we are expecting correction should be over sooner and can be seen impulsive declined from 1.022 to 1.023 area.
Action
We are waiting for decline and it's confirmation before entering into market. Until then we are sideline and looking into future development.
Technical Strategy: Turning Bearish
Elliottwave View: Expecting completion of wave (C) of c.
Analysis
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 experienced a bounce from 9170 area in May-2015. However, upside was corrective and can be counted as flat correction in elliott-wave. With that in mind, we are expecting correction should be over sooner and can be seen impulsive declined from 1.022 to 1.023 area.
Action
We are waiting for decline and it's confirmation before entering into market. Until then we are sideline and looking into future development.
-- By Hoagtrading.com (Twitter: @Hoagtrading)
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