USD/CAD: wave analysis
22 July 2019, 09:40
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.3065 |
| Take Profit | 1.2910, 1.2797 |
| Stop Loss | 1.3144 |
| Key Levels | 1.2797, 1.2910, 1.3144, 1.3233, 1.3281 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3150 |
| Take Profit | 1.3233, 1.3281 |
| Stop Loss | 1.3090 |
| Key Levels | 1.2797, 1.2910, 1.3144, 1.3233, 1.3281 |
The pair may fall.
On the 4-hour chart, the downward correction of the higher level develops as the wave (2), within which the wave C of (2) forms. Now, the fifth wave v of C is developing, within which the formation of the wave (iii) of v is beginning. If the assumption is correct, the pair will fall to the levels of 1.2910–1.2797. In this scenario, critical stop loss level is 1.3144.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3144 with the targets at 1.2910–1.2797. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3144 will let the pair grow to the levels of 1.3233–1.3281.
On the 4-hour chart, the downward correction of the higher level develops as the wave (2), within which the wave C of (2) forms. Now, the fifth wave v of C is developing, within which the formation of the wave (iii) of v is beginning. If the assumption is correct, the pair will fall to the levels of 1.2910–1.2797. In this scenario, critical stop loss level is 1.3144.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3144 with the targets at 1.2910–1.2797. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3144 will let the pair grow to the levels of 1.3233–1.3281.
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