AUDJPY and GOLD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Thu, Jul 31, 2014
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AUDJPY is trapped in range as USDJPY rises and AUDUSD is falling. So USD is the strongest, no doubt, but the question is which one is the weakest, AUD or JPY?! Well, we see AUDJPY moving higher, going towards 97.00 in sessions ahead as three wave retracement appears completed at 94.34 with an expanded flat formation in wave b).

AUDJPY 4h Elliott Wave Analysis

AUDJPY 4-Hour Elliott Wave Analysis Chart

GOLD broke to a new swing low, now moving down within wave c) that may reach 1280 while 1297 holds. We however, still believe that reversal from July highs is a corrective and temporary retracement and that sooner or later gold will turn up, maybe already tomorrow after NFP report, but break of 1297 would be a signal for an reversal.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis 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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