Elliott Wave Analysis: USDCAD and EURGBP

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USDCAD

USDCAD just made a new sharp move lower to around 1.3365 area, which means the correction in the past wave 4 is now regarded as completed. As we can see wave 4 correction proved to be a simple zig-zag. As such we are now looking lower into final wave 5 of 1/A, which may find its resistance and a turning point higher in the sessions ahead around Fibonacci ratio of 61.8. After wave 5 reaches its end, a minimum three wave corrective reversal may follow into higher degree wave 2)/B), towards the area of the former black wave 4.

USDCAD, 1H

EURGBP

EURGBP is trading at the start of a new bearish run with red wave 1) already completed as an diagonal triangle and now with wave 2) midway through its completion. The ideal reversal and resistance zone for the undergoing wave 2) is around the 50 or 61.8 Fibonacci ratio, from where more weakness may follow.

EURGBP, 1H

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About Author

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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