AUDCAD 4 HR Elliott Wave Count
If you look at the daily chart the AUDCAD has been a series of Low Lows and Lower Highs for some time now. At the end of December price tried to retest on of the corrective Lower Highs and was rejected with a strong move lower. Price has now retraced about 50% of that strong move down and may be ready to head lower again.
Another thing to note is that the currency created a nice Ascending Triangle and broke down out of that with the recent spike down. This Triangle break measure to .8700 with a 161.8% extension of a possible 3rd wave measuring to .8660.
This could be a nice 2-1 trade here if you are interested and can trade the pair.
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| AUDCAD 4 HR Elliott Wave Count |