Forex Elliott Wave USDCAD

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FOREX ELLIOTT WAVE USDCAD TRADING STRATEGIES & TECHNICAL ANALYSIS
– EXAMPLE

Elliott Wave USDCAD Intraday 1 Hour Chart

Thursday, 9 June 2011 at 6:07:00PM AEST

Elliott Wave USDCAD is showing higher highs and higher lows since early May, so uptrend continuation needs to be respected! The same bias is also showing wave count, but we however must be aware of a 210pip range since May 13th, so any further gains remain unconfirmed from our point of view.

With this being said, we are still monitoring two wave counts, but both bullish on the larger scale. On the left will be looking for incomplete wave 2/B once 0.9730 is broken. If not, and if prices can regain above 0.9816 and 0.9850 on a daily close basis, then we will focus on immediate direct bullish interpretation, shown on the right!

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4 Hour Chart

Thursday, 9 June 2011 at 4:50:00PM AEST – wave 2/B low unconfirmed, sideways price action

No change!
We are expecting a bullish price action on Usd/Cad, but the price however, and personality still did not confirm an uptrend that we are looking for. Yes, 0.9816 was broken in the past week, but prices reversed very quickly and were unable to close above that level, which means that bulls are rejecting higher prices for now, so patience is still required.

At the moment we need to focus on 0.9730 support and 0.9815 resistance, levels that will be quite important for further near-term direction.
If mentioned support can hold, then wave 3/C acceleration is still possible.
If broken no a daily close basis, then will look for incomplete, complex wave 2/B flat correction.

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Daily Chart

05 June 2011 – bottom in place!? Confirmations not here yet

No change!
It seems that bottom we were looking for some time on Usd/Cad could now be in place at 0.9445, which in fact could also be a long-term reversal if we consider a sub-structure of a recent decline, which looks clearly corrective. As such, a larger upward move must be considered, which should form an impulsive structure.

However, we still do not have enough evidence for that call; we still need to see a clear, and powerful break through the falling resistance line, before we may look for levels around 1.02 and higher.

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Weekly Chart

2 January 2011  – wave B) is searching for the low

No doubt, a decline from 2009 highs is corrective, because of the very slow and choppy price action. As such, we came out with very complex corrective structure in wave B), separated by wave X and XX. If we are on the right track, then pair should find the lows at the start of 2011, maybe somewhere around 0.9600 region. However, keep in mind that only a sharp five wave structure from the lows will confirm a bullish reversal!

 

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