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USD/CAD looking bullish; AUD/USD looking bearish – Elliott Wave

AUD is looking bearish against the USD as we see a nice triangle forming in wave 4. Well, maybe a pattern is already completed after the recent three waves up in wave (e) so the price could go south soon, but real confirmation would be a break of wave (d) low. So until then, we may see a retest of the 0.8820/30 area.

AUDUSD October 20 2014 Elliott Wave analysis technical chart for currency trading forex
AUDUSD 1h Elliott Wave Analysis

The USD is also showing a bullish path against the CAD after the recent three wave decline from 1.1384 with a recent bounce from waves c=a equality level. That’s a nice structure that is pointing for a higher USDCAD in the sessions ahead. The break above 1.1300 may put accelerations up to 1.1340.

usdcad October 20 2014 Elliott Wave analysis technical chart for currency trading forex
USDCAD 1h Elliott Wave Analysis

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!