GBPUSD and USDCAD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Thu, Sep 10, 2015
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GBPUSD spiked higher but turned back to 1.5400 very fast, which makes me think that pair is still in wave B correction, which will make an irregular formation. That said, traders must be aware of a lower levels still, down into wave (c) that can retrace for 38.2% compared to wave A distance.

GBPUSD 1h Elliott Wave Analysis

GBPUSD 1-Hour Elliott Wave Analysis Chart

Range on USDCAD is still contracting but sideways price action can run out of room soon. As such, we think that breakout will follow soon, ideally in the next 24 hours, which will be to the upside as we see red wave 4) at the end. Notice that we labeled a triangle within a triangle, the last one seen in wave E which is very bullish scenario, but we still need move above 1.3323 to confirm more gains ahead.

USDCAD 1h Elliott Wave Analysis

USDCAD 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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