Elliott Wave intraday analysis on AUD/JPY looking to end wave five [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short term Elliott Wave in AUD/JPY suggests rally from 6.4.2024 low is in progress as a 5 waves impulse structure. Up from 6.4.2024 low, wave 1 ended at 104.8 and pullback in wave 2 ended at 103.57. Internal subdivision of wave 2 unfolded as a zigzag where wave ((a)) ended at 103.6, wave ((b)) ended at 104.27, and wave ((c)) lower ended at 103.56. This completed wave 2 in higher degree and the pair has turned higher in wave 3. Up from wave 2, wave ((i)) ended at 104.38 and pullback in wave ((ii)) ended at 104.

Pair has extended higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 104.78 and dips in wave (ii) ended at 104.38. Pair extended higher in wave (iii) towards 105.96 and pullback in wave (iv) ended at 105.45. Final leg wave (v) ended at 106.33 which completed wave ((iii)). Pullback in wave ((iv)) ended at 105.56. Pair has extended higher in wave ((v)) with internal as another impulse in lesser degree. Up from wave ((iv)), wave (i) ended at 106.39 and dips in wave (ii) ended at 105.90. Wave (iii) higher ended at 106.96. Expect pullback in wave (iv) before it resumes higher. Near term, as far as pivot at 103.56 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.

AUD/JPY 60 minutes Elliott Wave chart

AUD/JPY Elliott Wave [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD looks offered below 1.1900

EUR/USD keeps its bearish tone unchanged ahead of the opening bell in Asia, returning to the sub-1.1900 region following a firmer tone in the US Dollar. Indeed, the pair reverses two consecutive daily gains amid steady caution ahead of Wednesday’s key US Nonfarm Payrolls release.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold the battle of wills continues with bulls not ready to give up

Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.