USD/CAD:Elliott Wave Analysis, Forecast For 29/05/2020 – 05/06/2020

USD/CAD remains likely to fall. Estimated pivot point is at a level of 1.4050.

Main scenario: Consider short positions from corrections below the level of 1.4050 with a target of 1.3598 – 1.3444.

Alternative scenario: Breakout and consolidation above the level of 1.4050 will allow the pair to continue rising to the levels of 1.4351 – 1.4562.

Analysis: On the D1 time frame, supposedly, a descending correction finished developing in the form of second wave of larger degree (2), and wave (3) started forming. Supposedly, on the H4 time frame the first counter-trend wave of smaller degree 1 of (3) formed and a descending correction continues developing in the form of wave 2 of (3). Apparently, wave c of 2 of smaller degree is developing on the H1 time frame, with wave (iii) of c of 2 formed and local correction developing as wave (iv) of c inside. If the presumption is correct, the pair will continue to drop to the levels of 1.3598 – 1.3444. The level of 1.4050 is critical in this scenario as the breakout will enable the pair to continue rising to the levels of 1.4351 – 1.4562.

LiteForex: USD/CAD:Elliott wave analysis and forecast for 29/05/2020 – 05/06/2020


LiteForex: USD/CAD:Elliott wave analysis and forecast for 29/05/2020 – 05/06/2020


LiteForex: USD/CAD:Elliott wave analysis and forecast for 29/05/2020 – 05/06/2020

0 0 votes
文章评分
Subscribe
Notify of
guest
0 评论
Inline Feedbacks
View all comments