Elliott Wave Analysis of USD/CAD for March 06, 2014
March 6, 2014 1:00 pm
USD/CAD Elliott Wave
Since our last analysis, the USD/CAD pair has continued downwards trend, wave [b] (coloured black) of the bigger wave A (coloured blue) has been developing. In the 1-hour chart of the USD/CAD, we can see that we are in the last (c) wave of the bigger wave [b], that should reach the 1.0980 level, 123.6% of (c) vs (a), before we see another long opportunity in the pair. While price remain above the 1.0910 low, we are going to look to enter a position either on a test of the 1.0980 level or at the break above the upper trend line (green on the chart). In accordance with our wave rules and taking into account that wave [c] should extend 100% of wave [a], we can define the potential targets with measuring wave [a] with take profit at 1.1288 (100% of wave [a]). Swing traders, can also try this position with a same stop loss, but for a target we are going to use 1.1400 level.
alternate count: wave [b] is already over, and we are going for the Flat pattern in the first (a) wave. if this scenario take a place, we are going to wait for a clean impulsive pattern on the 15-minutes time frame to develop before we enter a long position, invalidation is still break below the 1.09100 level.
Support and Resistance (S3) 1.0933, (S2) 1.0980, (S1) 1.1005, (PP) 1.1052, (R1) 1.1077, (R2) 1.1124, (R3) 1.1149.
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.0980 with stop loss at 1.0910 and take profit at 1.1288 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD Elliott Wave
Since our last analysis, the USD/CAD pair has continued downwards trend, wave [b] (coloured black) of the bigger wave A (coloured blue) has been developing. In the 1-hour chart of the USD/CAD, we can see that we are in the last (c) wave of the bigger wave [b], that should reach the 1.0980 level, 123.6% of (c) vs (a), before we see another long opportunity in the pair. While price remain above the 1.0910 low, we are going to look to enter a position either on a test of the 1.0980 level or at the break above the upper trend line (green on the chart). In accordance with our wave rules and taking into account that wave [c] should extend 100% of wave [a], we can define the potential targets with measuring wave [a] with take profit at 1.1288 (100% of wave [a]). Swing traders, can also try this position with a same stop loss, but for a target we are going to use 1.1400 level.
alternate count: wave [b] is already over, and we are going for the Flat pattern in the first (a) wave. if this scenario take a place, we are going to wait for a clean impulsive pattern on the 15-minutes time frame to develop before we enter a long position, invalidation is still break below the 1.09100 level.
Support and Resistance
(S3) 1.0933, (S2) 1.0980, (S1) 1.1005, (PP) 1.1052, (R1) 1.1077, (R2) 1.1124, (R3) 1.1149.
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.0980 with stop loss at 1.0910 and take profit at 1.1288 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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