Elliott Wave Analysis On GBPUSD And USDCAD

By: Gregor Horvat | Wed, Aug 10, 2016
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GBPUSD

On the 1h chart of GBPUSD we are observing a nice little rally from red wave C) that can be bottoming. Reason for a potential bullish view is a five wave rise from the lows, which suggest that we should continue higher after any three waves of a setback, while price is trading above 1.2955 level.

GBPUSD, 1H

GBP/USD 1-Hour Chart


USDCAD

On the intraday chart of USDCAD we are looking at a potential flat correction, with price trading in its final leg C. Wave C should be made by five waves which means we can expect more downside into 1.2950 area. An impulsive reaction higher from that zone would then suggest that bigger uptrend has resumed for a push higher into a red wave 5).

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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