Home Elliott Wave Analysis on GBPUSD and USDCAD December 2015
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Elliott Wave Analysis on GBPUSD and USDCAD December 2015

GBPUSD

GBPUSD is showing a bearish impulsive decline but this one can already be finished so a new three wave bounce can be around the corner before weakness may resume next week. There is a nice technical and psychological resistance level around 1.5000 where a new bearish turn may occur.

GBPUSD, 1H

GBPUSD 1 (1)

USDCAD

OIL is again back at $35 per barrel which pushes USDCAD much higher. We are looking at an intraday wave structure where the pair has potential for a psychological level  of 1.4000 as the latest retracement from the high is in small three waves, probably wave iv) that is now trading around 1.39000 support. That said the price action could turn back up for wave v) of (v) while 1.3848 is not overlapped.

USDCAD, 1H

usdcad 1 (1)

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!