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Elliott Wave Analysis: AUDUSD and GOLD

We have seen some upside for the Aussie in the overnight session after RBA statement, but on the 30min chart we see a three-wave rally which can be a correction that may stop at 0.7630/40 area. The price is now at potential resistance, so watch out for a turn down and a possible break of the lower trendline which would confirm a bearish continuation.

AUDUSD, 30Min

Another reason we think that AUDUSD can stay under pressure is also gold which is looking bearish after a five wave decline from 1263. We see this leg as wave A that belongs to a bigger corrective set-back so more weakness after wave B bounce will be in view, which may cause a new leg down on the Aussie as well.

GOLD, 1H

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!