GBPUSD and USDCAD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Thu, Aug 7, 2014
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USDCAD has turned down yesterday from our highlighted resistance area; 1.0970-1.1000 that was our projected zone for a wave v) in (iii). A decline from that high was strong in a short period of time, refereed as impulse, so we know that this leg is part of a larger incomplete downtrend. We anticipate a three wave set-back in wave (iv) before uptrend may continue again. Ideally wave (iv) will be looking for a support around 1.0880 at the start of next week. In the next sessions pair may find some seller around 1.0940/1.0950.

USDCAD 1h Elliott Wave Analysis

USDCAD 1-Hour Elliott Wave Analysis Chart

GBPUSD lost some value in the last few hours, but real breakout is still pending. we see a triangle in fourth wave, maybe already finished. Keep an eye on that 1.6819 level that could open door for a new low. On the upside 1.6890 should hold, otherwise that's not a triangle.

GBPUSD 1h Elliott Wave Analysis

GBPUSD 1-Hour Elliott Wave Analysis Chart


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website:

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