Elliott Wave Analysis On GBPUSD And USDCAD

By: Gregor Horvat | Mon, May 23, 2016
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GBPUSD

USD keeps trading across the board now making new highs against GBP and making five waves down on cable from 1.4663. This is a very important reversal pattern that should cause more weakness in sessions ahead, but after a bounce up into wave 2 that will look for a resistance near 1.3505. This one is looking very interesting for shorts while invalidation level is not breached.

GBPUSD, 1H

GBP/USD 1-Hour Chart


USDCAD

USDCAD is at new high, now moving towards 200% Fibonacci level or even up to second Fib. level placed at 1.3270 where gains may slow down as black wave 3 can be coming to an end. However, any downward retracement will be temporary and in three waves within ongoing uptrend that should stay in play as long as 1.2962 invalidation is not breached.

USDCAD, 1H

USD/CAD 1-Hour 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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