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USDCAD & USDJPY Look Bullish: Elliott Wave Analysis

USDCAD is in bullish mode since May 14; making an impulsive rally that can extend even higher today, ideally up to around the  1.2300 area with a fifth wave. On the downside, support can be found near 1.2160-1.2200.

USDCAD 30min Elliott Wave Analysis

USDCAD Technical analysis Elliott Wave prediction May 20 2015

On USDJPY we see five waves up from around 119.17 that we see as an extended structure in wave iii) so a pullback could follow ahead of the FOMC today. That would be wave iv) that can retrace back to the area of a former wave four, seen around 120.50. As such, keep an eye on that levels for possible continuation higher later today.

USDJPY 1h Elliott Wave Analysis

USDJPY Technical analysis Elliott Wave prediction May 20 2015

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!