Elliott Wave Analysis for Gold & AUDUSD

AUDUSD

We need a five wave rise on the Aussie from March 24 low, before we may look for an end of an uptrend. We are looking at red wave 5) that is a motive wave, so more gains are expected after the current set-back into subwave 4 which is trading near the interesting zone of support. We think that the price can rally up to 0.7750 in the next 24 hours.

AUDUSD, 1H

GOLD

Higher Gold prices would also support Australian dollar. On the hourly chart of precious metal we see a sharp three wave decline that has stopped yesterday at 61.8% Fibonacci level. So far it holds very well, but it would be nice to see 1236 break to confirm a new leg up to 1250 and even higher, while 1208 is in place.

GOLD, 1H

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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