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Audcadsetup

AUDCAD IS AT A MAJOR LEVELAUDCAD is at a major level right now, the area of support it is at has been tested and failed to break it multiple times. The overall bias of price action is downwards due to the descending trend line marked out in black. Price is travelling in a descending channel marked out in blue, If price rejects the area of support its at now then we will be waiting for price to break the channel, retest it before we think about any long trade opportunities. However if price breaks below the pink rectangle and comes back up to retest it we will be looking for short trade opportunities. LEAVE YOUR THOUGHTS BELOW.....
Short
by UnknownUnicorn2396129
AUDCAD SET TO COMPLETE THE BEARISH PULLBACK FROM DEC 2018.Hi Traders, The AUDCAD rally that started in Oct 2018 from 0.9107 low can be seen as an Elliot Wave impulse structure, labelled 1-2-3-4-5. According to Elliot Wave Principle, a three-wave correction in the opposite direction follows every impulse. . AUDCAD's seems to be in the corrective phase since 18th Dec 2018 and it's unfolding as a combination. So far, we have seen a (w)-(x)-(y) combination structure in wave W, double zigzag in wave X and wave Y seems to be unfolding as a simple zigzag pattern. . The overall correction in wave (B) is expected to terminate within the blue box and maybe retest the channel support. If this count is correct, a 5-3 wave cycle will be considered to be completed, and the trend can be expected to resume in the direction of the main impulsive sequence in wave (C). . Did you like this Elliot Wave Analysis? Kindly let me know in the comment. . Thanks for reading! Veejahbee.
Long
by Veejahbee