GBPUSD and USDCAD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Thu, Sep 10, 2015
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GBPUSD spiked higher but turned back to 1.5400 very fast, which makes me think that pair is still in wave B correction, which will make an irregular formation. That said, traders must be aware of a lower levels still, down into wave (c) that can retrace for 38.2% compared to wave A distance.

GBPUSD 1h Elliott Wave Analysis

GBPUSD 1-Hour Elliott Wave Analysis Chart

Range on USDCAD is still contracting but sideways price action can run out of room soon. As such, we think that breakout will follow soon, ideally in the next 24 hours, which will be to the upside as we see red wave 4) at the end. Notice that we labeled a triangle within a triangle, the last one seen in wave E which is very bullish scenario, but we still need move above 1.3323 to confirm more gains ahead.

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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