Elliott Wave Analysis On GBPUSD And USDCAD

By: Gregor Horvat | Wed, Aug 10, 2016
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GBPUSD

On the 1h chart of GBPUSD we are observing a nice little rally from red wave C) that can be bottoming. Reason for a potential bullish view is a five wave rise from the lows, which suggest that we should continue higher after any three waves of a setback, while price is trading above 1.2955 level.

GBPUSD, 1H

GBP/USD 1-Hour Chart


USDCAD

On the intraday chart of USDCAD we are looking at a potential flat correction, with price trading in its final leg C. Wave C should be made by five waves which means we can expect more downside into 1.2950 area. An impulsive reaction higher from that zone would then suggest that bigger uptrend has resumed for a push higher into a red wave 5).

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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