EURUSD and USDCAD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Thu, Aug 14, 2014
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EURUSD is now higher, but at 1.3400 resistance, at the upper side of the range where wave e) may complete a triangle in wave (iv). IN that case a reversal down is needed, back beneath 1.3347 confirmation level for a decline into wave (v). Only rise above 1.3431 would invalidate the triangle count but not a corrective look from August 06 low! So even if 1.3431 is out we will be looking for a correction still, but more complex one. Do not forget on a larger trend, is clearly down!

EURUSD 1h Elliott Wave Analysis

EURUSD 1-Hour Elliott Wave Analysis Chart

USD is again down across many FX pairs after the Unemployment Claims 311K vs. 307K. However, the buck did not lose much against the CAD. USDCAD as we can see is now showing some evidences of a support around 1.0886 where an ending diagonal down in wave c) might have already accomplished a three wave fall in wave (iv). A rise back above 1.0940 would be a strong and important evidence for a push up in wave (v), back to the highs.

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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