Sage Investment Club

Main scenario: consider long positions from corrections above the level of 1.3452 with a target of 1.3975 – 1.4205. 

Alternative scenario: breakout and consolidation below the level of 1.3452 will allow the pair to continue declining to the levels of 1.3220 – 1.2947.

Analysis: the fifth wave of larger degree 5 is presumably developing on the daily chart, with wave (3) of 5 forming as its part. The third wave 3 of (3) continues unfolding on the H4 chart, with wave iii of 3 and wave-shaped correction iv of 3 completed as its parts. The fifth wave v of 3 is currently developing. Apparently, the first wave of smaller degree (i) of v is formed on the H1 chart, and a local correction is presumably completed as wave (ii) of v. If the presumption is correct, the pair will continue to rise to the levels of 1.3975 – 1.4205. The level of 1.3452 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.3220 – 1.2947.



Price chart of USDCAD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

Rate this article:

{{value}} ( {{count}} {{title}} )

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *