NZDCAD Elliott Wave Trade Setup Update 10.27.2016

Below is an update for NZDCAD active setup as of Oct 27, similar setup to what we present at Live Trading Room. The pair is showing a 5 swing Elliott wave sequence from 8/24 (0.8246) low, suggesting more upside is likely. Near term, while bounces stay below wave W at 0.9735, pair ideally makes another leg lower in 7 swing towards 0.9055 – 0.9156 area before turning higher again. If pair breaks above 0.9735, then the next leg higher to 0.992 likely has already started. We prefer to buy the pullback in 7 or 11 swing for another extension higher.

Entry: 0.916

Stop loss: 0.888

Target: 0.992

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NZDCAD Daily20161027124944

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