USDJPY Trapped In Range, Looks To Break It.

USDJPY remains trapped in the range and with recent break up on USD Index we suspect that USDJPY may stay above 118.20 support. As such, we came out with an idea of a triangle that can be taking place in wave (e) position. So if USD index will continue higher in sessions days ahead then USDJPY should break to the upside as well, most likely next week.
USDJPY 4h Elliott Wave Analysis 

GOLD Looks For Recovery Towards 1236 Area

Gold has turned up from a new low this week after a completed ending diagonal at 1190. Ending diagonal is a reversal pattern that occurred in position of a fifth wave so we assume that at least short-term recovery is underway possibly even back to former wave four that comes in at 1236. For now rally from the low is in three waves, but if we will be able to count five waves up then we will immediately turn bullish on metal, for a much higher degree.
GOLD 4h Elliott Wave Analysis

GOLD: Metal Can Look For A Short-term Support Near 1180/1185

Gold keeps trading lower with five waves from 1285 that now looks more like wave (iii) rather than (c), but in either case we suspect that minimum three wave rally will occur. Reason is a slow price action in current late stages of decline that we see it as wave v) in (c)/(iii). There is also a divergence on the RSI that is pointing for a reversal to the upside, but maybe from around 1185 if we consider idea of an ending diagonal.
GOLD 4h Elliott Wave Analysis

USD Index Is In A Corrective Phase

USD Index is in a corrective phase as market made only three waves down from the high, which is a structure of a contra-trend price action. We see pullback in wave four, but the question is if corrective set-back is already done. Well, based on higher degree of current wave 4) we assume that market can be making something more complex, maybe a flat or even a triangle. As such, we assume that current rise is wave B, still only second leg within a sideways move.
USD Index 4h Elliott Wave Analysis

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AUDUSD Bounced From The Lows As Expected

AUDUSD bounced from the lows as expected, exactly from 261.8% Fibonacci extension level where we were looking for a bottom of fifth wave within larger wave five of (3). Market is now back above 0.7800 with very sharp price action, so looks like that bottom has been formed and that price will continue even higher within minimum three wave rise. We suspect that sooner or later pair will go back to 0.8030.
AUDUSD 4h Elliott Wave Analysis

EURUSD Elliott Wave Analysis: Downtrend Remains In Play

EURUSD made a new leg up yesterday which was a not surprise as pair made a triangle pattern in wave B position. Triangles are very important when you want to predict further direction on particular market. Why? Because a trust out of a triangle is the final leg within current trend. So in our case it means its wave C, third leg within corrective rally from 1.1094. Also, triangles can never occur in wave 2, so we know that upside is limited for sure, as reversal from the low is not impulsive. With that in mind, EURUSD could turn south once again, ideally from around current 1.1500/1.1550 area. A drop through 1.1310 bearish level would suggest that wave 4) is complete and new leg underway back to 1.1094.
EURUSD 4h Elliott Wave Analysis

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GOLD Could Continue Uptrend: Elliott Wave Analysis

Gold made a pullback recently, much deeper that expected but still in three waves which is a structure of a corrective move. Notice that market bounced from around 38.2% Fibonacci level with current price trading above 1280. Notice that pair is now trying to break above the upper side of a corrective channel which means that uptrend could continue from here and towards 1320/1330 this week.
GOLD 4h Elliott Wave Analysis

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