GBPUSD and USDCAD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Thu, Aug 7, 2014
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USDCAD has turned down yesterday from our highlighted resistance area; 1.0970-1.1000 that was our projected zone for a wave v) in (iii). A decline from that high was strong in a short period of time, refereed as impulse, so we know that this leg is part of a larger incomplete downtrend. We anticipate a three wave set-back in wave (iv) before uptrend may continue again. Ideally wave (iv) will be looking for a support around 1.0880 at the start of next week. In the next sessions pair may find some seller around 1.0940/1.0950.

USDCAD 1h Elliott Wave Analysis

USDCAD 1-Hour Elliott Wave Analysis Chart

GBPUSD lost some value in the last few hours, but real breakout is still pending. we see a triangle in fourth wave, maybe already finished. Keep an eye on that 1.6819 level that could open door for a new low. On the upside 1.6890 should hold, otherwise that's not a triangle.

GBPUSD 1h Elliott Wave Analysis

GBPUSD 1-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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