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AUDCAD Elliottwave Intraday View

Short term Elliottwave structure of AUDCAD from 3/1 peak (1.025) looks to be showing an impulse structure with a nice 5 waves subdivision where Minuette wave (i) ended at 1.0198, Minuette wave (ii) ended at 1.0235, Minuette wave (iii) ended at 1.0115, Minuette wave (iv) ended at 1.0147, and Minuette wave (v) ended at 1.0098. We can also see momentum divergence at the end of wave (v) as shown by the RSI making lower high while price makes lower low. This 5 waves down form a higher degree Minute wave ((a)) of a zigzag structure. The 5 waves move from 1.025 high doesn’t look to be part of wave C of a FLAT in higher degree structure, which implies that while AUDCAD stays below 1.025, we can see another leg lower in the pair in wave ((c)) to end the zigzag structure. Potential target for wave ((c)) is towards 1.0025 – 1.006 area and from this area we can see buyers returning in the market to push prices to a new high above 1.02548 or for a 3 wave bounce at least.

AUDCAD 1 Hour Chart

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