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Elliott Wave Analysis: Gold and AUDUSD

Elliott Wave Financial Service
By Elliott Wave Financial Service

Good day traders! Today’s focus is on Gold and AUDUSD.

Metals saw a nice recovery on Friday, quite impulsive here on hourly chart, so ideally gold completed a downtrend in five waves for wave A, therefore market may travel higher this week, with a new three wave rally back above 1300 region. In the mean time 1290 can act as a temporary resistance for subwave a.

GOLD, 1H

Commodity currencies are also weak, and may see more weakness after any three wave recovery. Aussie can be at the end of wave 5 of 3), so be aware of a turn up this week, back above 0.7800 possibly even to 0.7880 resistance.

AUDUSD, 1H

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