USD/CAD: wave analysis 12 February 2019, 08:32
USD/CAD: wave analysis
12 February 2019, 08:32
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.3291 |
| Take Profit | 1.3196, 1.3166 |
| Stop Loss | 1.3327 |
| Key Levels | 1.3166, 1.3196, 1.3327, 1.3661 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3330 |
| Take Profit | 1.3661 |
| Stop Loss | 1.3220 |
| Key Levels | 1.3166, 1.3196, 1.3327, 1.3661 |
The pair is in a correction, the fall is possible.
On the 4-hour chart, the third wave of the higher level 3 develops, within which the wave ii of 3 ended. Now the entry wave of the lower level (i) of iii of 3 has formed, and a local correction is developing as the wave (ii) of iii. If the assumption is correct, in the short term, the pair will fall to the levels of 1.3196–1.3166. In this scenario, critical stop loss level is 1.3327.
Main scenario
Short positions will become relevant below the level of 1.3327 with the targets at 1.3196–1.3166. Implementation period: 3–5 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3327 will let the pair grow to the level of 1.3661.
On the 4-hour chart, the third wave of the higher level 3 develops, within which the wave ii of 3 ended. Now the entry wave of the lower level (i) of iii of 3 has formed, and a local correction is developing as the wave (ii) of iii. If the assumption is correct, in the short term, the pair will fall to the levels of 1.3196–1.3166. In this scenario, critical stop loss level is 1.3327.
Main scenario
Short positions will become relevant below the level of 1.3327 with the targets at 1.3196–1.3166. Implementation period: 3–5 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3327 will let the pair grow to the level of 1.3661.
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