Elliott Wave Structure:
The price appears to be completing a 5-wave corrective structure, with wave (5) targeting the 1.618 extension of the previous wave (approximately 0.8769).
This indicates a continuation of the bearish trend until wave (5) concludes.
Fibonacci Levels:
Key retracement zones between 0.9043 (61.8%), 0.9014 (50%), and 0.8985 (38.2%) have acted as resistance, reinforcing the bearish momentum.
The Fibonacci extensions of wave (3) provide a clear projection for the next leg lower.
Bearish Momentum:
A descending trendline from previous highs and lower highs reflects strong seller dominance.
Price action remains below the Ichimoku cloud, confirming bearish sentiment.
Key Levels to Watch:
Immediate Resistance: 0.9043 (61.8% Fibonacci retracement).
Projected Support: 0.8769 (1.618 Fibonacci extension of wave (5)).
Conclusion:
AUD/CAD is likely to continue its bearish trajectory, targeting the 0.8769 zone as wave (5) completes. Traders should monitor the key Fibonacci and Elliott Wave levels for potential reversal signals.
📢 Disclaimer:
This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making trading decisions. 🛑
The price appears to be completing a 5-wave corrective structure, with wave (5) targeting the 1.618 extension of the previous wave (approximately 0.8769).
This indicates a continuation of the bearish trend until wave (5) concludes.
Fibonacci Levels:
Key retracement zones between 0.9043 (61.8%), 0.9014 (50%), and 0.8985 (38.2%) have acted as resistance, reinforcing the bearish momentum.
The Fibonacci extensions of wave (3) provide a clear projection for the next leg lower.
Bearish Momentum:
A descending trendline from previous highs and lower highs reflects strong seller dominance.
Price action remains below the Ichimoku cloud, confirming bearish sentiment.
Key Levels to Watch:
Immediate Resistance: 0.9043 (61.8% Fibonacci retracement).
Projected Support: 0.8769 (1.618 Fibonacci extension of wave (5)).
Conclusion:
AUD/CAD is likely to continue its bearish trajectory, targeting the 0.8769 zone as wave (5) completes. Traders should monitor the key Fibonacci and Elliott Wave levels for potential reversal signals.
📢 Disclaimer:
This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making trading decisions. 🛑
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.