Elliott Wave Analysis On GBPUSD And USDCAD

By: Gregor Horvat | Fri, May 20, 2016
Print Email

GBPUSD

US markets are open for trading. GBPUSD is going down and we need to see a break of 1.4523 for further decline since we will invalidate the possibility of more immediate upside. Possibly if we break this levels we will trace out black wave 1 and have an ABC pullback in the black wave 2.

GBPUSD, 1H

GBP/USD 1-Hour Chart


USDCAD

USDCAD is in the impulsive move up but still not completed. We see more upside to the highs in the black wave 3 around 1.3200 levels, before pair may turn down for a correction in blue wave iv. Blue wave iv may then find some support at the upper trendline and change it's direction towards wave v of 3. Today we also have CPI in Canada which can move this pair and add some volatility.

USDCAD, 1H

USD/CAD 1-Hour Chart

 


Interested in our services ? We have a Special Offer : Get First 2 Months For The Price Of 1!! Grab the opportunity now at www.ew-forecast.com

 


 

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.

EW-Forecast: To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

Please be informed that information we provide ARE NOT trading recommendation or investment advice. All of our work is for educational purposes only.

Copyright © 2013-2017 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com