AUDUSD: H&S + Elliott Wave Count point lower; Gold could

The USD remains bullish with new highs seen against the EUR, CAD, JPY and even AUD in the overnight session. It seems like commodity currencies have also joined the weak EUR and GBP, most likely because of weak metals and even WTI crude.

On AUDUSD we have seen a strong move down in the last two sessions, through the 0.7680 swing low that put wave 3 in play. Wave 3 should be made by five smaller waves, so we assume that the market will stay bearish for 0.7600 or even to lower levels within wave 3) of a higher degree. A bearish H&S should also break down nicely, now approaching the projected level.

AUDUSD 30min Elliott Wave Analysis

AUDUSD Bearish H&S Pattern

Gold is at new low, but in fifth wave of decline as mentioned in yesterday’s update. Wave five is in the final leg within a bearish impulse, so a corrective bounce can follow soon; ideally from 1150/1155 area.

GOLD 1h Elliott Wave Analysis

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!

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