Elliott Wave Analysis On GBPUSD And USDCAD

By: Gregor Horvat | Fri, May 20, 2016
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GBPUSD

US markets are open for trading. GBPUSD is going down and we need to see a break of 1.4523 for further decline since we will invalidate the possibility of more immediate upside. Possibly if we break this levels we will trace out black wave 1 and have an ABC pullback in the black wave 2.

GBPUSD, 1H

GBP/USD 1-Hour Chart


USDCAD

USDCAD is in the impulsive move up but still not completed. We see more upside to the highs in the black wave 3 around 1.3200 levels, before pair may turn down for a correction in blue wave iv. Blue wave iv may then find some support at the upper trendline and change it's direction towards wave v of 3. Today we also have CPI in Canada which can move this pair and add some volatility.

USDCAD, 1H

USD/CAD 1-Hour 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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