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www.fxtimes.com – Forex News, Analysis, Charts, Commentaries, Education, Webinars, and More. Original Article www.fxtimes.com The AUD/USD has been consolidating and the fact that it comes after a 5-wave rally suggests there's a bit further correction to go before setting up a bullish continuation. The USD/CAD is in correction rally after anchoring into a new declining channel – the last correction rally was near 78.6% retracement before continuation. Finally, gold fell sharply, but the momentum is still bullish… Notes: AUD/USD After a 5 wave rally, AUD/USD is rejected at 1.1010. – The decline was supported at 1.0920, pushing the pair higher now. – There is still a chance for further correction, more significant than the previous flag patterns. – A 50% retracement points towards 1.0840. – Looking at the daily chart, a break back above 1.1010 has a medium term target towards 1.15. – Only a break below 1.0773-1.0775 support area suggests a major reversal. At the moment, the decline is a minor correction. USD/CAD The last time USD/CAD was in a correction rally, the market continued the decline below the 78.6% retracement level. – The rally now is at 50%, just below 0.95. The 78.6% retracement level would be near the declining channel resistance near 0.9525. – The market might find resistance there for a bearish continuation that targets the 0.9310 swing projection. -Above the channel, we might be heading back towards last week's high at 0.9580. – However, the market remains <b>…</b>
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