Elliott Wave Analysis On AUDUSD And USDCAD

By: Gregor Horvat | Thu, Apr 28, 2016
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AUDUSD

News of the day is that BOJ did not add stimulus on lasts night meeting and Japan currency got stronger against almost all other counterparts and Nikkei 225 moved sharply down dragging other stock markets with it. Since there is a correlation of the stock market and AUDUSD, this pair is moving down now in the fift wave with possible support seen around 0.7503. After that we expect to see an A), B) and C) pullback with resistance around 0.7648 levels.

AUDUSD, 1H

AUD/USD 1-Hour Chart

USDCAD

USDCAD is still troubling to complete an ending diagonal pattern in the final fifth wave. We still see some room left for the completion of this pattern. Our potential support level is around 1.2430 region and we may expect to see a sharp reversal from there. Be aware that also ending diagonals can overshoot sharply to the downside, before upward reaction may follow.

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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