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

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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