Based on the Elliott Wave analysis AUD/CAD is headed much more lower (see Figure 1). We're in a very complex corrective pattern which suggest lower price in the weeks and months ahead.Right now we're forming a double zig-zag pattern of lesser degree which is based on the wave X connector of higher degree which should end near the 50 fib retracement at around the 0.8000 big round number.

Major Levels to watch:
  • 0.9500 Big round number and psychological number, support level;
  • 0.9200 Previous swing low and support level;
  • 0.9000 Big round number and psychological number.
Figure 1. AUD/CAD Weekly Chart. Elliott Wave Count

On the daily chart we have another different story (see Figure 2) as the summer trading conditions have settle in we have established a wide trading range between 0.9750 resistance level and 0.9370 support level. If we take in consideration the Elliott Wave count we should expect a break of that support level.
Figure 2. AUD/CAD Daily Chart

Forecast: Based on this analysis and my projections we should see an exchange rate for AUD/CAD of 0.9344 for 1st of October 2015 .

Best Regards,
Daytrader21
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