Elliott Wave Analysis For USDCAD and AUDUSD Intraday

By: Gregor Horvat | Mon, Sep 22, 2014
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The USD is once again showing some strength, but not against all currencies. The weakest are commodity currencies, such as AUD and CAD, while the EUR and GBP are mostly sideways today against the buck. The reason for some move down can be in weak crude oil prices and also gold from the past few sessions.

On USDCAD we have seen a spike down on Friday after better than expected CAD CPI data. Pair however quickly found a support and is now trading higher, away from 1.0885. In fact, we can see a broken downward channel as well as higher swing low at 1.0923 which means that rally for USD can be back in play, maybe even with wave iii) going towards 1.1070. A daily close around or above 1.1000 will suggest more gains in sessions ahead. We will look for different count only if 1.0923 gives way.

USDCAD 1h Elliott Wave Analysis

USDCAD 1-Hour Elliott Wave Analysis Chart

On AUDUSD we are also observing bullish count for the buck. We are looking at impulsive downward price action in wave iii). If we are correct, then leg from 0.9000 must unfold in five waves. If we get those, then new opportunity for this week can be shorts after red wave iv).

AUDUSD 1H Elliott Wave Analysis

AUDUSD 1-Hour Elliott Wave Analysis Chart




Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

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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