Elliott Wave Analysis: EURCAD and AUDNZD

By: Gregor Horvat | Fri, Apr 28, 2017
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EURCAD

EURCAD is moving nicely to the upside since mid-April when we talked about a reversal because of a previous three waves of decline. Market rallied 800pips since then in five waves as you can see so it may be time for a reversal, or at least a three-wave set-back. Also notice that there is a triangle in fourth wave so current leg up should be a final piece of a recovery then, thus upside is likely going to be limited next week somewhere around 1.4900, or at 1.5000 psycho level. Drop back below 1.4800 fourth wave support would be a strong indication of a top in place.

EURCAD, 1H

EUR/CAD 1-Hour Chart


AUDNZD

AUDNZD came slightly down in the last few hours from 61.8% Fib. level but we still don't see five waves up within red wave 5) so current decline is likely just another part of an ongoing fifth wave. We are looking at an ending diagonal that can find resistance then around 1.0900. Based on structure and time-perspective, we think pair may turn south next week.

AUDNZD, 30min

AUD/NZD 30-Minute 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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