Monthly view of AUDCAD
1. Wave A is equal to wave C which reaffirms that fact that it should either be a correction wave set or the wave of a wave 1. (Price 1.07679)
2. Both wave A and C form diagonals.
3. In the wave 'b' of wave (i) of 2, the high (1.0352) had a direct fibonacci relationship with the starting point of wave 2 which makes wave 'b' a subwave of wave 2.
4. Wave C of 2 appears to be forming an expanding diagonal which faces severe resistance at levels 0.9381 and 0.9152.
Final Opinion : Since it will take roughly 7-11 candlesticks to get to the resistance levels, it will be wise to maintain a bearish outlook for this currency pair till then.
1. Wave A is equal to wave C which reaffirms that fact that it should either be a correction wave set or the wave of a wave 1. (Price 1.07679)
2. Both wave A and C form diagonals.
3. In the wave 'b' of wave (i) of 2, the high (1.0352) had a direct fibonacci relationship with the starting point of wave 2 which makes wave 'b' a subwave of wave 2.
4. Wave C of 2 appears to be forming an expanding diagonal which faces severe resistance at levels 0.9381 and 0.9152.
Final Opinion : Since it will take roughly 7-11 candlesticks to get to the resistance levels, it will be wise to maintain a bearish outlook for this currency pair till then.