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Elliott Wave Analysis on USDCAD and USDJPY

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 wave 5-circled, the final leg of a big bearish five wave fall so traders have to be aware of a bottom formation in April. Ideally the price will continue up to 1.3300 area that would be a strong indication of a new bigger recovery with three waves as part of wave B/II also shown on the daily chart.

USDCAD, 4H

usdcad 4

USDJPY

USDJPY is down this week, breaking beneath 110.64 so wave 4) was a flat and not a triangle. If the current bearish view is correct, then the leg down from 113.81 high is an impulsive reaction, thus a five wave pattern in play within red wave 5) that should send the price down to 109.00-108.50 area in the days ahead. For the short-term traders, a pullback in black wave 4 could be very interesting to join the weakness ideally from around 110.96.

USDJPY, 4H

usdjpy 4

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!