Sharing my thoughts and observations on AUDCAD daily chart. An internal divergence observed in RSI H4 and MACD with confirmation on Aroon and CMF makes me think that we will see a continuation of the downtrend following the Elliot Wave 4-5 formation. I'd set an SL just above the 0.9140 point which is a pivot point observed in the monthly chart. If the lenght of wave 2-3 is projected we get a potential TP point at 0.8915, just in the confluence point of Fibo 161 Wave 2-3 and the inverse Fibo Extension -61.8% Wave 3-4-X.
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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.