Elliott Wave Analysis On German DAX And AUDUSD
Markets did not move much in the last few hours, so we remain bearish on USD and bullish on stocks and metals for now. But as always we need to be aware of reversals. Well, DAX broke nicely to a new high, so we see index in a fifth wave now which suggests that upside is limited, but there is room for 10800 based on Fibonacci projections. However, we think that new turn down into a bigger three wave decline may occur by the end of the week. Maybe tomorrows ECB will already be a catalyst of a turn.
German DAX, 30Min
Commodity currencies are still one of the strongest since start of the week, especially against the buck. On Aussie we see price trading at a new high of the week, probably in wave five of of a new impulsive bullish turn. But we know that after every five waves correction will show up, so be aware of an a-b-c set-back down into wave B that would in ideal scenario look for a support at that broken trendline that may become a support.