Elliott Wave Analysis: AUDUSD and GOLD

Gold was very strong lately, when stocks sold-off, but interestingly AUDUSD did not follow metals much. There has been some upside move into 0.7460 channel resistance area, but nothing aggressive. So we assume that Aussie is corrective here and that bearish turn may show up, especially once resistance on gold will be seen. From a clear Elliott Wave perspective, we would look for Aussie weakness beneath May 10 levels if lower channel line is broken decisively.



Gold is seen now in an extended wave 3, so be aware of a turn lower after subwave "v" hits a new high near 1265-1270.



Here are some video analysis regarding EURUSD, GBPUSD, USDCHF, USDCAD and Crude oil



Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.



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