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Elliott Wave Analysis On AUDJPY And GBPCAD

AUDJPY

AUDJPY is in pullback mode and it seems as a possible flat 3-3-5 corrective structure. The last part of our flat will ideally unfold in five waves and continue towards 88.20-88.8 area. This is an interesting pair to look for shorts in coming weeks since we also see AUDUSD trading in final stages of a correction.

AUDJPY, 1H

AUDJPY 1-Hour Elliott Wave Chart


GBPCAD

On the 4h chart of GBPCAD, we can also see pair trading in a pull-back structure, possibly in the last leg of a three wave correction in blue wave (ii). Ideally price will continue to the downside, where our upper channel line can react as a support. If our view is correct more gains can be expected next week.

GBPCAD, 4H

GBPCAD 4-Hour Elliott Wave Chart

 


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