AUDCAD is currently showing a potential bearish reversal pattern based on the Elliott Wave analysis. I am entering a short position at 0.91746, targeting 0.91628. The recent price movement indicates the completion of wave (3), and a correction to wave (4) is anticipated. This suggests a potential pullback to the 0.382 Fibonacci retracement level. The stop loss is set at 0.91850 to limit risk if the market reverses and moves higher. The analysis points to a corrective phase after a significant upward move, providing an opportunity for a short trade with a clearly defined risk and target.
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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.