Elliott Wave Intra-day updates: USDCAD and AUDJPY

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Good day traders!

USDCAD made a new rally yesterday, away from the 1.26220 region, where a potential low for a higher degree wave C) had been found. This sharp recovery can indicate a completed higher degree bearish correction since the end of October, and more upside to follow. We see support for a minor pullback at 1.26650 swing support, where the price can bounce again.

USDCAD, 1h

Now switching to AUDJPY, where we see a sharp bearish reversal from yesterday, away from 86.19 level where the corrective wave 4 found a top. We can also see that the upper corrective channel line and Fibonacci ratio of 50.0 played out well and reacted as a resistance and turned the price lower. This drop suggests more weakness ahead, ideally in an impulsive fashion, which means a clear five-wave pattern with no significant overlaps(of waves one and four).

AUDJPY, 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 www.ew-forecast.com, 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 www.ew-forecast.com 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.
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