Our favorite pair for more weakness remains AUDUSD which might have already accomplished a corrective rally in wave 2. A decisive break through the lower side of a corrective channel will open the door for a decline to around 0.7600.
Elliott Wave Analysis – AUDUSD 1h
We also still see bearish trend intact on gold, were a decline from 1205 can be incomplete. Notice that the recent leg down to 1170 was made in three waves, so it can be wave (B) as part of a flat in wave four. That said, the rally could lift price to around 1180/1183 before downtrend may resume later today.
Elliott Wave Analysis – GOLD 1h