Elliott Wave UPDATE: AUDUSD and GOLD Stopping For A Setback

AUDUSD is recovering sharply from the 0.683 level, where a low for sub-wave c of Y had been found. Current sharp rally can now be part of a minimum three-wave recovery, that can take price towards, and beyond the 0.702 bullish level.

We labeled the first wave a/I in progress, which can look for resistance near the 0.702 bullish level, that can at the same time represent possible resistance.

Be aware of a temporary setback as wave b/ii to around 0.692 regions.

AUDUSD, 4h

Gold is trading bullish, in a five-wave rise from the end of April. Now we see price making a temporary bearish turn from the 1439 level, giving us an idea that wave III of a higher degree can be completed, and that a temporary wave IV correction is in progress. In such a case, three more legs to the downside may follow, with possible support near the 1381/1350 region.

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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