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GBP/USD in 3-wave pattern; USD/CAD could fall before rising

The USD is in a bullish mode since last week, but on the short-term charts we noticed that most of the USD pairs are now in correction. On GBPUSD we are looking at a three wave rally after it finished a five wave decline at 1.4565 yesterday, so ideally the price will go to higher levels, maybe even to around 1.4700 but only for a short period as the big trend is still down.

GBPUSD 1h Elliott Wave Analysis

GBPUSD Intraday Elliott Wave Analysis April 14 2015 technical graph

 

USDCAD was down yesterday, but it is slowing down now, after the pair found support at 1.2560. We assume that the wave 2)/B) pullback from the highs will be more complex, so wave B can even be a triangle, thus more weakness could follow in the sessions ahead. Ideally the price will retrace for 50 or even 61.8% compared to wave 1)/A) so 1.2500 can be seen before big uptrend will resume.

USDCAD 1h Elliott Wave Analysis

USDCAD Intraday Elliott Wave Analysis April 14 2015 technical graph

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!