AUDUSD Could Face Correction, USDCAD Looks For New Highs – Elliott Wave Analysis

AUDUSD is weak but not that much as EURUSD. On the chart below we see a bearish impulse unfolding away from the highs; it’s still incomplete so be aware for further weakens, possibly into the 0.7200 area where the pair could find some support and turn the price up in three waves. This rally will then be on my radar screen for shorts, ideally from around 0.850/80 area, later this week.

AUDUSD 1h Elliott Wave Analysis

USDCAD was very strong the when price closed near the highs which means that the bullish moment is strong so we anticipate more gains.. From an Elliott Wave perspective we see the pair in wave four so rally should continue into wave v) of (iii) towards 1.2200-1.2240 area.

USDCAD 30min Elliott Wave Analysis

 
Written by Gregor Horvat

Source:http://www.forexcrunch.com/audusd-could-face-correction-usdcad-looks-for-new-highs-elliott-wave-analysis/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ForexCrunch+%28Forex+Crunch%29