Elliott Wave Analysis On GBPUSD And USDCAD

By: Gregor Horvat | Mon, May 23, 2016
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GBPUSD

USD keeps trading across the board now making new highs against GBP and making five waves down on cable from 1.4663. This is a very important reversal pattern that should cause more weakness in sessions ahead, but after a bounce up into wave 2 that will look for a resistance near 1.3505. This one is looking very interesting for shorts while invalidation level is not breached.

GBPUSD, 1H

GBP/USD 1-Hour Chart


USDCAD

USDCAD is at new high, now moving towards 200% Fibonacci level or even up to second Fib. level placed at 1.3270 where gains may slow down as black wave 3 can be coming to an end. However, any downward retracement will be temporary and in three waves within ongoing uptrend that should stay in play as long as 1.2962 invalidation is not breached.

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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