Home Elliott Wave AUDUSD and GOLD July 19 2016
AUD/USD Daily Outlooks, Daily Look

Elliott Wave AUDUSD and GOLD July 19 2016

Good morning traders,
Commodity currencies are very bearish today, with AUD as one of the weakest, following Monetary Policy Meeting Minutes. The AUDUSD pair fell towards 0.7500 area that has been technically expected already yesterday, when we recognized a five wave drop from 0.7676 high. We however believe that the pair can go much lower if we consider that it can be in wave three now of an impulsive bearish reversal. If that’s the case then looking towards 0.7430 target is reasonable while 0.7605 holds.

AUDUSD, 1H

AUDUSD 1

Sideways price action on GOLD and a new leg down to 1300/1310 area can also be bearish for the Australian currency. On metal we are looking at a nice triangle on the intraday chart that is about to complete a pattern in wave B) soon. However, it’s important to wait on 1323 break to confirm lower prices into wave C), final leg of a complex correction.

GOLD, 1H

GOLD 1 (2)

Gregor Horvat

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!