NZDUSD and USDCAD - Elliott wave Analysis

Gregor Horvat Wavetraders

Kiwi is trading bearish within five waves down, but we still see an unfinished five-wave cycle, so current recovery can be a part of a corrective movement into wave iv, where ideal resistance would be here around 38,2% Fibo. retracement and 0.69169 level. That said, be aware of another drop back to lows for wave v.

NZDUSD, 1h

USDCAD made a spike up from 1.3260 level which we think can be sub-wave v of iii) that can see limited upside near the 1.3379/1.3380 area and push price into a temporary three-wave correction with possible support around the 1.3192/1.3153 area.

USDCAD, 1h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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