Elliott Wave Analysis and Forecast (Daily Update) Forex, Gold, Crude Oil

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EURUSD Could Hit 1.2700-Elliott Wave

EURUSD remains in bearish mode after only three wave rally from 1.2750 low that was just another temporary pause within ongoing bearish sequence.
EURUSD 4h:

What is edning diagonal?
An ending diagonal is a special type of pattern that occurs at times when the preceding move has gone too far too fast, as Elliott put it
Ending diagonal in a bull market:

 

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USDJPY: Broken Channel Puts Pair Back In Bullish Mode

USDJPY broke sharply higher which was expected from a technical point of view. Price accelerated strongly after break out of the corrective channel (circled zone).

 

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GBPUSD Could Hit 1.5350-1.5400 While 1.5000 Is In Place

GBPUSD found a support yesterday 30 pips above 1.5000 psychological level from where intra-day bulls lift the pair in impulsive manner back above 1.5200 level.

 

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Cable Is Breaking Higher, Now Targeting 50% Retracement Level From January Highs

GBPUSD closed strongly higher last week after recently broken trend-line connected from above 1.6300 which suggests that recovery from 1.4830 could be deeper than firstly thought.

 

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USDCHF corrective retracement

Observing new and much more complex wave structure on USDCHF

 

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OIL May Have Found A Temporary Top Around $96.60

Oil fell sharply lower last week, clearly in five waves from 97.60 which means that the trend has now turned bearish

 

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AUDUSD Turns Back In Bullish Mode As Price Exceeds 1.0500

AUDUSD moved through 1.0500 swings which mean that wave II pull-back is complete and that larger uptrend is back in progress again.

 

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EURUSD Could Make Reversal Down to 1.2900/50 From 1.3100 Resistance

EURUSD extended another 200 pips higher since Friday, so now we are even more confident that low on EURUSD is in place which was expected because of ending diagonal, reversal pattern placed in wave 5).

 

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Crude Oil: Correction Appears Complete; Weakness Could Extend To 90$ Per Barrel

Oil recovered nicely in the last few days from 91.80 back to 94.75 which was expected after a completed five waves down in wave 1.

 

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EURUSD Eyeing 1.2950 before Going Higher Again

EURUSD could make a deeper corrective pull-back in the very near-term within wave B) towards 1.2900/1.2950 support zone before pair turns higher once again for wave C).

 

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AUDUSD Turns Bearish After A Daily Close Beneath March Trend-line

AUDUSD turned sharply lower and made a daily close beneath rising trend-line connected from March lows.

 

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EURUSD Breaks Out Of the Range, Now Headed to 1.3250/1.3300

EURUSD finally broke out of a sideways price action into wave C); earlier than we thought but still in our primary direction

 

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EURUSD Could Extend To 1.2900/1.2950 After Broken Support Line From 1.2745

EURUSD reversed sharply lower yesterday from 1.3200, clearly in impulsive fashion beneath rising trend-line from 1.2745 and as well as wave B) swing low.

 

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GOLD Could Make A New Bearish Reversal After Recent Pull-back To 1420

GOLD rallied nicely in the last few sessions which was expected as we needed a three wave rally in wave 4. For now, the bounce is unfolding very nicely, but we need to see 38.2% hold to turn straight down again.

 

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GBPUSD Could Turn Bearish This Week

GBPUSD has extended higher in the last two weeks after broken trend-line connected from above 1.6300.

 

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S&P 500 Is Showing a Top Formation At 1597 Based on Elliott Wave And H&S Patterns

Recent pull-back represents a wave 2/B as we labeled a decline from 1597 as a leading diagonal in wave 1/A.

 

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USDCAD is Eyeing More High in Coming Week.

Expecting higher on USDCAD in coming week as recent correction is black wave 2.

 

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Crude Oil Is Looking Impulsive On the Intra-day Basis; Could See $93.00

Oil is forming an impulsive price action from 87.87 swing low. The reason is recent strong reaction towards 92.00 figure yesterday which has been very strong and sharp in short-period of time. That’s a personality of a third wave