Elliott Wave Analysis On AUDUSD And GOLD

By: Gregor Horvat | Thu, Feb 4, 2016
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AUDUSD

AUDUSD is at the highs with five waves up within a red wave v) while we see a divergence on the RSI. Also leg up from 0.7000 is looking very extended so we think that upside can be limited at 0.7230-0.7260 area. That said, traders must be aware of a pullback to lower levels, with minimum in three waves possibly even back to 0.7150 in sessions ahead. Break of wave iv low at 0.7204 would be important evidence that top of wave v) is in.

AUDUSD, 1H

AUDUSD 1-Hour Chart


GOLD

Gold is higher and it reached our Fibonacci projection area that can be very important for the next few sessions. We are wondering if decline from here can be strong or will be only a new pullback within uptrend. We will need more price data for sure, but as it looks right now we assume that some lower price can occur soon, especially if we consider that there was a triangle formation near 1140. Keep in mind that breakout of a triangle is final leg within larger structure.

GOLD, 30 Min

Gold 30-Minute Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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