Elliott Wave Analysis on USDCAD & AUDUSD

AUDUSD

AUDUSD has turned down this week through the support line from 0.7107 which is an important indication for a bearish turn. As such, we assume that the top can already be in place of wave 5) of C-circled, so we need to be aware of more weakness ahead, but we still want that push beneath 0.7481 of a red wave 4) to make sure that we are on the right side. Also, notice that RSI has turned down from that divergence line which is a nice indication for a bearish price action ahead. That said, the broken trend-line can now turn into a resistance near 0.7660.

AUDUSD, 4H

USDCAD

USDCAD fell to a new low last week after wave four circled has accomplished a corrective pullback at 1.3299. From there, we have seen a nice impulsive decline which looks like a wave 5-circled, final leg of a big bearish five wave fall so traders have to be aware of a bottom formation. That said, a new three wave contra-trend move can now be unfolding in wave B/II, possibly even back to 1.3300-1.3400 area.

USDCAD, 4H

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!

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