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

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GBPUSD: Corrective Rally From March Low Could Now Extend To 1.5500/1.5600

GBPUSD finally broke higher yesterday after recent unsuccessful push through the lower support line connected from early March lows. Notice that pair closed well above 1.5407 trend-line yesterday which sets a stage for a new impulsive rally, now towards 1.5500/1.5600 area.

 

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CRUDE OIL Turned Bullish Last Week; Could See $95.00

OIL has accelerated higher on Thursday, and more importantly it closed well above the upper parallel trend-line of a base channel.

 

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What Rising Australian Stock Market Could Mean For The AUDUSD!?

When Australian stocks are higher the AUDUSD could go even lower if we consider the negative correlation between the markets as shown on the overlay chart below.

ASXSP200 Daily

Australian stocks vs. AUDUSD

 

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AUDUSD Elliott Wave Analysis # Targeting 1.0100

Expecting AUDUSD More downside towards 1.0100 in next few trading days.

 

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GBPUSD Trying To Form A Bearish Reversal At 1.5600

On GBPUSD hourly chart we can count completed five waves up in wave C that shows signs of a top around 1.5606

 

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GOLD: Recovery Is Incomplete; Could See 1490/1500-Elliott Wave Forecast

GOLD made a deeper pull-back in this week and then found a support around 1440, at the parallel trend-line that represents lower side of a corrective channel. Also notice that decline from 1485 has been made in three waves and that 1419 support is still in place. Therefore, we think that pull-back from latest high was corrective wave b) that is part of a complex double zig-zag from mid April low. With that in mind, price could test 1490 or even 1500 level before complex corrective is complete.

 

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USDCAD Could Look for a Support This Week at Trend-line from 2012 Low

USDCAD: An impulsive reversal higher in the next week, back to 1.0200 would suggest another leg higher, this time to 1.0440 trend-line resistance where we would be looking for an end of a corrective wave (E) of X triangle as shown on the weekly chart.

Only sharp fall through 0.9930 would require a different outlook (ALT on the chart).

 

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Stocks Futures! US2000, SP500, NAS100.I, DJI.I, FTSE100.I, DAX.I

US and European stocks futures did not move much in the last few sessions so we will continue to look higher. We see room for further gains today as several market are still in fourth waves.

 

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USD Index Is Forming A Bullish Reversal Pattern-Elliott Wave Forecast

Critical/invalidation level is at 81.32 as wave 2) must never retrace more than 100% of wave 1). So as long that level holds we are looking higher.

What is Zig-Zag?

A zig-zag (Elliott Wave Pattern) is a 3-wave structure labeled A-B-C, generally moving counter to the larger trend. It is one of the most common corrective Elliott patterns.

 

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EURUSD: Elliott Wave Principle Suggests to wait three wave pullback

EURUSD: Elliott Wave Principle Suggests to wait three wave pullback in abc to go short.

 

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EURUSD: Broken Daily Trend-line puts The EUR in Bearish Mode

EURUSD fell sharply last week and closed well below 1.3034 swing low support which puts bearish price action in play. From an Elliott Wave perspective we are tracking one-two, one-two set-up with sub-wave (ii) now underway to 1.3020/50 resistance area.
EURUSD Intra-day

EURUSD Daily

 

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USDJPY Could Be In Final Stages Of An Uptrend-Elliott Wave Forecast

USDJPY broke higher last week, out of a triangle pattern that we have been tracking it since mid-April. This triangle has been placed in wave four, so we must be aware of a bearish reversal in the next few days/weeks if we consider that this type of patterns occurs always prior to the final move of the larger trend. So current leg up should be our final leg then; most-likely wave 5 of an ending diagonal. However, each leg in ending diagonal should be sub-divided minimum by three waves so current pull-back is probably wave (b) with wave (c) yet to come that may hit 103.00/103.50 level. After a completed ending diagonal we will be looking for a sharp reversal lower. Fall back beneath 100 would be a first but important sign for completed ending diagonal and weaker prices ahead.

What Is Ending 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. A very small percentage of ending diagonals appear in the C wave position of A-B- C formations. In double or triple threes, they appear only as the final "C" wave. In all cases, they are found at the termination points of larger patterns, indicating exhaustion of the larger movement.

 

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AUDUSD Bearish; Wait On Pull-back For New Shorts

AUDUSD: Support for current decline could be near, maybe around 0.9800 from where we will be tracking a wave (iv) corrective rally.

 

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EURUSD: Bearish Cycles Remains In Play-Elliott Wave Forecast

EURUSD reversed slightly higher yesterday from 1.2840 support but not for long as recovery found resistance very soon, so it was probably just a fourth wave within larger wave 3 down.

 

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GOLD Bearish Reversal in Progress, Could Hit 1300-Elliott Wave

GOLD reversed nicely, perfectly lower from 1490 area two weeks back where base channel turned into a resistance as discussed in our latest video analysis. Notice that fall from that zone is now very sharp, showing evidences of an increase in volume and momentum so we suspect that market is underway to 1220/1300 area for fifth wave of decline in wave (C).

 

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USD Index: Corrective Pull-back To 83.30/83.50 Within Larger Uptrend

USD-index is trading lower from recent highs which now appear to be start of a deeper corrective retracement. We are tracking wave 4) pull-back now as we can already count a completed five sub-waves in red wave 3). As such, current bearish waves are only temporary and should prove corrective. Ideally we will see three sub-waves down in wave 4 to 83.30-83.50 area where market may find a support; around former wave four, 38.2% Fibo level and at base channel.

 

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USDCHF: Sideways Within Uptrend; Be Aware Of a Break Higher

USDCHF is slow, choppy and sideways for the last few days which is a personality of a corrective price action. Therefore, we think that USDCHF is trapped in a wave four position, which could be forming a triangle in 0.9580-0.9760 range. If that’s the case then pair will stay sideway another day or two and then break sharply higher, into wave 5) that could lift the pair to 0.9830/0.9860 region based on our Fibonacci projected levels.

 

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EURUSD: Downtrend Continuation to 1.2700-Elliott Wave

EURUSD made a three wave rally in this week which has been expected in wave 4, but now pair is already turning lower again after completed zig-zag at 1.3000 psychological level. We can see that price broke through the lower side of a corrective channel which is a very important evidence for further EURUSD weakness, this time to 1.2680/1.2730 for wave 5. Critical level now stands at 1.3000; bearish trend below it.

 

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AUDUSD: Correction Within Downtrend

AUDUSD: current sideways price action represents wave 4 pull-back that should be sub-divided by three legs.

 

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Elliott Wave Forecast : GOLD Is Sideways, But Still Bearish Within Larger Trend

GOLD found some support last week and reversed back to the base channel line again that could react as a resistance in current black wave 4 which is now making more complex wave structure than we firstly thought.
We can see that price is slow, sideways, choppy and more importantly, recovery from 1337 cannot be counted impulsively. Therefore, we think that move is corrective, probably wave 4 which is still incomplete. Ideally thats now wave (d) down that will look for a support somewhere above 1352. From a larger perspective we think gold will continue lower, but based on 4h count critical level is at 1441 which was wave 1 low.
GOLD 1h

GOLD 4h