Good evening everyone, I hope you've all been doing well. As per the usual, I am going to keep this short and sweet. I strongly believe that we are headed up in aud/cad to atleast the 0.94810.
Elliottwave analysis: If you saw my last post, which I highly recommend, you probably caught the wave a of the wave 5 and have come out with a great profit. This means that it is now time to catch the retracement. Typically I would expect a 0.382 retracement, but I am more than happy taking the conservative target on this one, which is the 0.236 retracement. I think we have finished the wave 5, since we have hit a 1:1 extension of the wave a of the wave 5, which is a strong indicator that this movement is over. Ideally, I think that we could target the bottom of the wave 4, since this is typically where the wave a ends after an impulse wave.
Moving average analysis: The only thing that the moving average tells me, is that the target I have is the same as the 1 hour 55 ema, but I didn't take the EMA into too much consideration for this trade, since it wasn't giving me many strong singles.
RSI analysis: The rsi analysis is the money maker. As we can see on the 1 hour, we have some strong bullish divergence, which IS WHAT I LIKE TO SEEEEEE. The best part is that this divergence is visible on many different time frames, for example, the 30, the one hour, and a little bit on the 2 hour.
MACD analysis: This is indicator is also giving me really bullish signs. Firstly, we can see that there is some huge bullish divergence on the macd for the 1 hour and the 30 minute. We have seen another cross and I believe that we are headed to the upside.
All in all, this is the trade setup I am following:
Target 1: 0.236 retracement- 0.94810
Target 2: 0.95086
Stop loss: 0.94372
I wish you all the best when trading tomorrow. Stick to your stop losses and have a great time.
Elliottwave analysis: If you saw my last post, which I highly recommend, you probably caught the wave a of the wave 5 and have come out with a great profit. This means that it is now time to catch the retracement. Typically I would expect a 0.382 retracement, but I am more than happy taking the conservative target on this one, which is the 0.236 retracement. I think we have finished the wave 5, since we have hit a 1:1 extension of the wave a of the wave 5, which is a strong indicator that this movement is over. Ideally, I think that we could target the bottom of the wave 4, since this is typically where the wave a ends after an impulse wave.
Moving average analysis: The only thing that the moving average tells me, is that the target I have is the same as the 1 hour 55 ema, but I didn't take the EMA into too much consideration for this trade, since it wasn't giving me many strong singles.
RSI analysis: The rsi analysis is the money maker. As we can see on the 1 hour, we have some strong bullish divergence, which IS WHAT I LIKE TO SEEEEEE. The best part is that this divergence is visible on many different time frames, for example, the 30, the one hour, and a little bit on the 2 hour.
MACD analysis: This is indicator is also giving me really bullish signs. Firstly, we can see that there is some huge bullish divergence on the macd for the 1 hour and the 30 minute. We have seen another cross and I believe that we are headed to the upside.
All in all, this is the trade setup I am following:
Target 1: 0.236 retracement- 0.94810
Target 2: 0.95086
Stop loss: 0.94372
I wish you all the best when trading tomorrow. Stick to your stop losses and have a great time.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.