Simple uptrend on support and breaking of major down trend
Good profit ahead. Each extension wave have the perfect 5 mini wave extension. Each pullback forms 3 mini wave. Looks like a good set up.
The market bounces off the point nicely. Short while you are at a high point.
Correction wave completed. Mini correction wave completed. Let’s short it
A major resistance and news is ahead. Base on the formation it is very likely to break the resistance. Good luck in entering early.
USDZAR has broken a major downtrend in around July. However I believe we are still in wave 3 of the correction wave. We are also into possibility of a sideway trend, or at best looking for a converging triangle. Another major rejection at the support will confirm the start of the uptrend.
AUD is recovering but not as well as expected. At the moment I believe it will be a short downdtrend
Upcoming news do not seems positive for USDCAD.
1hr doji candlestick to start off this entry. Let’s see how it works out. Going in small as I still believe in USD is bearish. Support and SL are defined.
USD/CAD had broken out the the support and support become resistance.