Below are weekly and daily Elliott Wave analysis on $AUD/CAD, a pair that is not part of the 42 instrument currently covered by EWF, but the same Elliott Wave Principle and technique will be applied to analyze the pair. The same analysis is also available in written format at our technical blog. After watching the videos below, if you are interested to learn more about Elliott Wave or how we can help you, feel free to join the 14 days trial (we have free 14 days trial promotion until the end of May 2015).
Weekly Summary: In the weekly time frame, we are looking for a multi-month decline towards 0.833 – 0.8719 to complete wave x pullback, then a new bullish cycle should begin once wave x pullback is complete as far as pivot at 0.71468 stays intact. This new bullish cycle can bring the pair to a new high above 1.0783 ultimately or at minimum 3 waves higher to correct the decline from 1.0783.
Daily Summary: In the daily time frame, as far as 1.00832 pivot stays intact, we are looking for the pair to continue lower first towards 0.8998 – 0.9132 to complete wave (W). From this area, the pair should then bounce in wave (X) before lower again towards the eventual weekly target of 0.833 – 0.8719
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Good luck trading.
Hendra Lau of the Elliottwave-Forecast.com TeamBack