Elliott Wave Analysis On AUDUSD And EURJPY
Traders, the FX market is still very slow but at least gold is showing some signs of life. With higher gold we may expect higher AUDUSD too which is trapped in a small 40pip range but break to the upside may follow soon if metals will continue to improve. On the hourly chart of Aussie we see bullish pattern after three waves down last week, but we still need five waves up to confirm low in place at 0.7093. If pair will close up today, then we may even consider new long entries this week, on the wave ii) pullback.
EURJPY can be very interesting this week if EURUSD will not move down much and if USDJPY will finally catch up the gains with DAX. On the 4h chart below there is a nice bullish count that can be bottoming but we would need 134.00 before we may chase long entries.
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