Aussie-Loonie Technical Outlook

A simplistic 5 wave Elliott pattern shows that the imminent 5th motive wave is on the horizon. As can be seen that the oscillation from overbought to oversold Stochastic RSI has had minimal impact on the price action, which forebodes of a bullish Aussie against the loonie. This would mean the formation of a reasonably bullish price action. Fibonacci ratio's of 0.618, 0.5 and 0.382 all exhibit a target price range for the currency pair to move to, which poses an attractive buy proposition.