• 14 hours Holiday Spending Already Soaring Amid Pandemic
  • 2 days Another Stock Market Crash Could be Looming
  • 3 days Trump Loses Another Leg Of The WeChat Battle
  • 4 days DOW Plunges Amid WInter COVID-19 Surge Fears
  • 4 days Big Profits Are No Longer The Top Priority For Oil Investors
  • 5 days Banksy’s Littered ‘Monet’ Sells for $10M
  • 7 days Three Renewable Energy IPOs To Watch
  • 8 days Bitcoin Nears $13,000 As PayPal Joins The Crypto Fray
  • 9 days DOJ Declares The Obvious: Google Is A “Monopoly”
  • 11 days Alibaba Is About To Make History Again
  • 12 days Robinhood Users Are Latest Target Of Pandemic Hackers
  • 14 days The Hydrogen Boom Will Provide A $200B Boost To Wind And Solar Energy
  • 15 days Will The 5G Rollout Overshadow This Major Merger?
  • 16 days Corporate Bitcoin Holdings Boost Crypto Confidence
  • 16 days Indonesia Rolls Out Augmented Reality Innovation To Combat COVID
  • 17 days Banks Are Getting Rich On Pandemic Overdrafts
  • 17 days The Real Reason China Is Betting Big On Renewables
  • 18 days Europe Wants To End The Big Tech Monopoly
  • 18 days New Breakthrough Could Transform Rare Earth Mining
  • 19 days Waymo Set To Roll Out Fully Self-Driving Vehicles
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis On GBPUSD And USDCAD

GBPUSD

GBPUSD bounced nicely to the highs earlier which we thought its going to be wave 5 of C), but a quick reversal down from 1.4443 high suggests that wave 4 can still be unfolding as a triangle. That said, upside may not be done yet for cable, so be aware of 1.4500 before market turns down with new impulse. Leg down from here and daily close beneath 1.4317 will indicate that wave C) is done anyway. Generally speaking, new reversal can be in the cards soon, but latest price move suggests that we are not there yet.

GBPUSD, 1H

GBPUSD 1-Hour Chart


USDCAD

USDCAD is breaking out of the downward channel connected from 1.4325 which suggests that low can be forming, even if just temporary. Ideally rally from recent low will unfold in five waves which could then cause a recovery even back to 1.4325 area. However, calling a bottom now can be a little too early, but if price will close above 1.4108 today then this will be nice and important indication for higher prices in the rest of the week.

USDCAD, 1H

USDCAD 1-Hour Chart

 


If you like our trading analysis, you can visit our website at --> www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment