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AUDUSD Could Face Correction, USDCAD Looks For New Highs

AUDUSD is weak but not that much as EURUSD. On the chart below we see a bearish impulse unfolding away from the highs; it’s still incomplete so be aware for further weakens, possibly into the 0.7200 area where the pair could find some support and turn the price up in three waves. This rally will then be on my radar screen for shorts, ideally from around 0.850/80 area, later this week.

AUDUSD 1h Elliott Wave Analysis

AUDUSD Elliott Wave Analysis May 20 2015 technical outlook and sentiment for currency trading forex

USDCAD was very strong the when price closed near the highs which means that the bullish moment is strong so we anticipate more gains.. From an Elliott Wave perspective we see the pair in wave four so rally should continue into wave v) of (iii) towards 1.2200-1.2240 area.

USDCAD 30min Elliott Wave Analysis

 

USDCAD Elliott Wave Analysis May 20 2015 technical outlook and sentiment for currency trading forex

Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on 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 Ew-forecast he helps clients and educates them about the Elliott wave principle 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. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!