AUDCAD is currently trending inside the Motive Wave 3 of the applied Elliott Wave Theory. From the retracement of Corrective Wave 2 at the Fib level 0.618 of the Motive Wave 1, it is possible for the price to move in a bearish trend until it completes the Motive Wave 3 around 0.96500 and good to open SELL positions. Even if the price has not reached the Resistance02 around 0.98850 after the breaking and breaching of Resistance01, there is still possibility for the price to be in a bearish downtrend unless the applied Elliott Wave Theory is false.
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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.