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USDCAD looking to fall; USDJPY could slow towards 120 –

USDCAD is up as expected, and it reached our 1.2620-1.2640 resistance area where a three wave bounce from the 1.2350 low can be looking for a top. Note that we are tracking wave B so a new leg down is expected to happen in this week, but we need an impulsive drop to 1.2448 to make sure that wave B is done.

USDCAD 1h Elliott Wave Analysis

USDCAD Elliott Wave Analysis February 11 2015 technical outlook for foreign exchnage trading

USDJPY has continued nicely to the upside this week, but now we need to be aware of a potential slowdown while market is approaching 120 level. Note that the price has actually already achieved some Fibonacci resistance area for wave (d) so we would not be surprised by a bearish turn for a big wave (e). Please check 4h chart on EWC page for a bigger view.

USDJPY 1h Elliott Wave Analysis

USDJPY Elliott Wave Analysis February 11 2015 technical outlook for foreign exchnage trading

 

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!