Aussie & Cad Signal for a Weak $

Daily Forex Technicals | Written by TheLFB-Forex.com

Aussie
4 Hour chart trend: Short possibilities. Main price points: 0.8153, and 0.8476. Looking for: Move lower
On the 4 hour aussie chart, prices made a small turning point around 76.4%, discussed yesterday, which must hold for a possible down-trend. From a technical view, aussie should trade lower over the next few sessions, because the move up from 0.8153 low has a personality of a corrective leg and not impulsive one. Corrections are usually slow and choppy with many overlaps, and are always against the larger trend so the move lower on the aud/Usd chart, approaching wave I) support should not be a surprise. The wave count will be valid as long as the the 0.8476 top holds.



















Cad
4 Hour chart trend: Long possibilities. Main price points: 1.0630, and 1.1123. Looking for: Move higher
Usd/Cad traded lower recently, through 61.8% area and found the latest support at 76.4% Fibonacci support area, which may be a key for a move higher into a red wave III/C. If this is the case, wave II/B is be completed around the current support with a flat correction, where black wave B) traded above the start of wave A) leg. Traders with a long bias may be looking higher as long as the market trades above the 1.0630 support. Any break of this support will invalidate the wave count.