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

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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