USD/CAD: wave analysis
26 June 2019, 09:33
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.3172 |
| Take Profit | 1.3567, 1.3700 |
| Stop Loss | 1.3060 |
| Key Levels | 1.2910, 1.3060, 1.3567, 1.3700 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.3050 |
| Take Profit | 1.2910 |
| Stop Loss | 1.3110 |
| Key Levels | 1.2910, 1.3060, 1.3567, 1.3700 |
The correction is ending, the pair may grow.
On the 4-hour chart, the third wave of the higher level 3 develops, within which the wave i of 3 formed. Now, a downward correction has formed as the wave ii of 3, shaped as zigzag. If the assumption is correct, the pair will grow to the levels of 1.3567–1.3700. In this scenario, critical stop loss level is 1.3060.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3060 with the targets at 1.3567–1.3700. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3060 will let the pair go down to the level of 1.2910.
On the 4-hour chart, the third wave of the higher level 3 develops, within which the wave i of 3 formed. Now, a downward correction has formed as the wave ii of 3, shaped as zigzag. If the assumption is correct, the pair will grow to the levels of 1.3567–1.3700. In this scenario, critical stop loss level is 1.3060.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3060 with the targets at 1.3567–1.3700. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3060 will let the pair go down to the level of 1.2910.
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