AUD/CAD: bullish market structure
Australian Dollar/Canadian Dollar has the potential change of trend that based on this analysis, we're in the smart point to buy. But we formed a Elliot Wave Cycle in this analysis. And analyzing the price action, we see a bullish candlestick in this timeframe.
In the RSI in H1 timeframe, I appreciate a bullish hide divergence formed and this mean that there's a curb in this trend that will make reversal. Applying market psychology, could to help you to identify this Elliot Wave pattern. What we have the change to get 155 pips in this trade.
This it's the Elliot Wave Cycle, and we're in the phase #4 in this correction before.
And applying this market psychology, we can to see a nice overview in this chart. What in H1 timeframe we can to put a buy order limit in $0.9060 CAD, and SL adjust to $0.9009 CAD. So, guys, this trade has a chance to to up. what depend how the candlestick behaviors during the next hours in the range of 8-16 hour, we can to take clue if that zone to buy place it's an accumulation in process to form and look after this range if AUD/CAD will climb .
Good Luck!!!
In the RSI in H1 timeframe, I appreciate a bullish hide divergence formed and this mean that there's a curb in this trend that will make reversal. Applying market psychology, could to help you to identify this Elliot Wave pattern. What we have the change to get 155 pips in this trade.
This it's the Elliot Wave Cycle, and we're in the phase #4 in this correction before.
And applying this market psychology, we can to see a nice overview in this chart. What in H1 timeframe we can to put a buy order limit in $0.9060 CAD, and SL adjust to $0.9009 CAD. So, guys, this trade has a chance to to up. what depend how the candlestick behaviors during the next hours in the range of 8-16 hour, we can to take clue if that zone to buy place it's an accumulation in process to form and look after this range if AUD/CAD will climb .
Good Luck!!!
Comment:
To keep update, AUD/CAD seem to forming a potential harmonic pattern too that we can to still alert for bearish opportunity in the next up.
We're still bullish and we dont see any bearish rejection from this point, what I decide to up my buy order place to $0.9082 CAD, Stop Loss to $0.9036 CAD and take profit hold in $0.9216 CAD.