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Elliott Wave Analysis: AUDUSD and GOLD

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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