Elliott Wave Analysis: AUDUSD and GOLD

By: Gregor Horvat | Thu, Feb 23, 2017
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AUDUSD broke higher, ideally into a wave 5 now which is trading close to "do or die" zone near 0.7550 trendline of an ending diagonal. it will be interesting to see if we can get a reversal here; a decline in five waves down back to the lower side of pattern will suggest that highs are in. In the meantime keep an eye on 0.7774 price where ending diagonal would be invalidated as wave 3 must not be the shortest when compared to waves 1 and 5.

AUDUSD, 1H

AUD/USD 1-Hour Chart

If Aussie will continue to rise above our invalidation level then gold is headed much higher with that impulsive run that we are tracking on hourly chart. On the other hand, turn down on Aussie will likely put metal under presser as well which has invalidation level near 1240.

GOLD, 1H

Gold 1-Hour 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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