GBPUSD And USDCAD Elliott Wave Analysis

By: Gregor_Horvat

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

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

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Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.

He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

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