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USDCAD to continue correcting against the H4 Trend

Jignesh Posted 31 Aug. as Analysis on USD/CAD, Target: 1.0709, Date: 1st of October, 12:00 GMT  in #Technical analysis #Trend #USD/CAD #Corrective Wave #Elliott Wave #Fibonacci Retracement #Flat Structure
USDCAD Looks like it may be continuing it's trend to the upside from last year, after spending much of the time this year correcting.
  • So far we can see 3 waves to the downside, with a flat correction ending at the 50% of the move to the upside
  • The retracement on the first leg up is usually deep, indicating a high possibility of a double correction
  • Previous support at the 76.4% marks an ideal spot for a reversal

USDCAD - 4H Wave Count

As per the above chart, there are 3 waves to the upside mar…
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2 Comments
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Jignesh 3 Sep.

With CAD data coming up within the next 24 hours, I expect the 1.0950 level to hold to complete the X wave, however, as long as the pair stays below the 1.10 handle this view remains valid.

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Jignesh 22 Sep.

The pair made a new high, indicating that the correction was a single correction and not a double.  The wave count is no longer marked as WXY but a simple ABC.  There are already 5 swings to the upside and the pair has started to pull back, but it remains bullish against  1.0808 and it is not likely to see any further downside.  The setup is invalidated and I do not expect the targets to be hit.

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AUDNZD to pullback after 3 waves up

Jignesh Posted 31 Aug. as Analysis on AUD/NZD, Target: 1.0840, Date: 1st of October, 12:00 GMT  in #Technical analysis #AUD/NZD #Audnzd #Wave Count #Fibonacci Retracement #3 Wave Corrective
The AUDNZD shows a 3 wave corrective structure to the upside
AUDNZD - Daily Wave count

  • The current area marks a Fibonacci confluence that is an ideal place for the C wave to end.

  • The pair can be correcting this recent move to the upside in the Month of September.

Using Fibonacci Retracements & Support levels, we predict a target as indicated by the chart below.
As per the weekly chart above, we see that the area that marks 50% of the retracement (1.0840) of the move to the upside shows previ…
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Jignesh 3 Sep.

The pair is sitting right up against the 1.1185 resistance at the moment.  But has not managed to breach it as of yet.  This area will  need to hold for the downside to get started

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Jignesh 22 Sep.

After making a marginal high above the area predicted, the pair has been pulling back and has already traded past some key support levels.  The pair is currently sitting at 1.0931, which has heavy support as the 100 Daily MA resides there, a 61.8 Fib extension of the first leg down as well as previous support as noted in the daily chart.  This area can trigger a larger pull back in which case the targets may not be met as we close in on the end of the month.

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Jignesh 25 Sep.

The support level mentioned in the previous comment did hold.  And then the RBA Gov Stevens pushed the AUD even higher.  Currently at 1.1040 facing resistance.  I do expect another leg of weakness in the pair.  If this area holds, there is still a possibility of reaching targets

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