Elliott Wave Structure:
The price appears to be completing a 5-wave corrective structure, with wave (5) targeting the 1.618 extension of the previous wave (approximately 0.8769).
This indicates a continuation of the bearish trend until wave (5) concludes.
Fibonacci Levels:
Key retracement zones between 0.9043 (61.8%), 0.9014 (50%), and 0.8985 (38.2%) have acted as resistance, reinforcing the bearish momentum.
The Fibonacci extensions of wave (3) provide a clear projection for the next leg lower.
Bearish Momentum:
A descending trendline from previous highs and lower highs reflects strong seller dominance.
Price action remains below the Ichimoku cloud, confirming bearish sentiment.
Key Levels to Watch:
Immediate Resistance: 0.9043 (61.8% Fibonacci retracement).
Projected Support: 0.8769 (1.618 Fibonacci extension of wave (5)).
Conclusion:
AUD/CAD is likely to continue its bearish trajectory, targeting the 0.8769 zone as wave (5) completes. Traders should monitor the key Fibonacci and Elliott Wave levels for potential reversal signals.
📢 Disclaimer:
This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making trading decisions. 🛑
The price appears to be completing a 5-wave corrective structure, with wave (5) targeting the 1.618 extension of the previous wave (approximately 0.8769).
This indicates a continuation of the bearish trend until wave (5) concludes.
Fibonacci Levels:
Key retracement zones between 0.9043 (61.8%), 0.9014 (50%), and 0.8985 (38.2%) have acted as resistance, reinforcing the bearish momentum.
The Fibonacci extensions of wave (3) provide a clear projection for the next leg lower.
Bearish Momentum:
A descending trendline from previous highs and lower highs reflects strong seller dominance.
Price action remains below the Ichimoku cloud, confirming bearish sentiment.
Key Levels to Watch:
Immediate Resistance: 0.9043 (61.8% Fibonacci retracement).
Projected Support: 0.8769 (1.618 Fibonacci extension of wave (5)).
Conclusion:
AUD/CAD is likely to continue its bearish trajectory, targeting the 0.8769 zone as wave (5) completes. Traders should monitor the key Fibonacci and Elliott Wave levels for potential reversal signals.
📢 Disclaimer:
This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making trading decisions. 🛑
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