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Trade Idea: USD/CAD - Hold long entered at 1.0335 Print E-mail
Elliott Wave Daily | Written by Action Forex | Sep 18 13 15:08 GMT
USD/CAD - 1.0317

Recent wave: Only wave v of c has ended at 0.9407 and A-B-C correction has possibly ended at 1.0658

Trend:  Near term up

Original strategy       :

Bought at 1.0335, Target: 1.0535, Stop: 1.0275

Position: - Long at 1.0335
Target:  - 1.0535
Stop:- 1.0275

New strategy             :

Hold long entered at 1.0335, Target: 1.0535, Stop: 1.0275

Position: - Long at 1.0335
Target:  - 1.0535
Stop:- 1.0275

As the greenback has remained under pressure, suggesting caution on our near term bullishness and indicated previous support at 1.0275 needs to hold to retain prospect of another rebound, above resistance at 1.0357 (Monday's high) would suggest low is possibly formed, bring a stronger rebound to 1.0400, then 1.0440-50. Looking ahead, a break of latter level would confirm and test of 1.0475-80 would follow, above there would suggest the decline 1.0569 has ended, bring further rise to 1.0515-20 first.

In view of this, we are holding on to our long position entered at 1.0335. Only below support at 1.0275 would suggest a possible downside break of recent established broad range and risk test of previous chart support at 1.0245 but below there is needed to confirm and extend weakness towards 1.0190-00 first.

To recap, wave B from 1.3066 is unfolding as an a-b-c and is sub-divided as a: 1.2192, b: 1.2716 and wave c is a 5-waver with i: 1.1983, ii: 1.2506, extended wave iii with minor iii at 1.0206, wave iv ended at 1.0781 and wave v as well as wave iii has ended at 0.9931, hence the subsequent choppy trading is the wave iv which is unfolding as (a)-(b)-(c) with (a) leg of iv ended at 1.0854, followed by (b) leg at 1.0108 and (c) leg as well as the wave iv ended at 1.0674. The wave v is sub-divided by minor wave (i): 0.9980, (ii): 1.0374, (iii): 0.9446, (iv): 0.9913 and (v) as well as v has possibly ended at 0.9407, therefore, consolidation with upside bias is seen for major correction, indicated initial target at 1.0500 has been met and further gain to 1.0674 (previous iv) would be seen later.

 

About the Author

Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500 GMT

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