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Gregor Horvat

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…

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Elliott Wave Analysis On USDCAD And German DAX

USDCAD

USDCAD is turning sharply down right now following OIL rise above 51.00. If crude oil will keep moving higher, then USDCAD can stay down if we consider that dollar is most likely in temporary corrective weakness against EUR, CHF, GBP and others. We see a nice pattern here on USDCAD, an ending diagonal that shows first signs of a top at 1.3312, but we still need a decisive break through the lower side of a pattern before price may step into a new bearish cycle.

USDCAD, 1H

USD/CAD 1-Hour Chart


German DAX

That's a very sharp rise on DAX at the moment from 10440 so we are wondering if wave 2 pullback is already accomplished. Well, if price will close above 10600 today, then we definitely should consider further gains tomorrow, while 10511 will not get overlapped.

German DAX, 30Min

DAX 30-Minute Chart

 


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