GBPUSD and USDCAD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Tue, Sep 16, 2014
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GBPUSD is turning up as expected from our 50-61.8% Fibonacci levels where wave B already shows signs of a completed retracement. As such, wave C can be in the cards now for a rise up to 1.6320/1.6350 where market can be looking for a top in wave 4) rally, after a filled gap.

GBPUSD 1h Elliott Wave Analysis

GBPUSD 1-Hour Elliott Wave Analysis Chart

USDCAD turned down for a third leg of decline as expected, which is now testing 1.1000 level. That's a round figure that can turn into a support, especially if we consider wave c = a ratio at current zone. However, we need a bounce from current "do or die" zone back to 1.1070 to confirm further bullish trend for the pair.

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

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 TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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