USDJPY and GOLD Both Looking For A Three-wave Reversal - Elliott wave Analysis

Gregor Horvat Wavetraders

Hi traders,

USDJPY is at the lows, now in wave five out of a triangle so market can see a low soon. Keep in mind that after every five waves, market will make a three wave recovery. In our case this reversal will be expected in the next few trading days. Technical support is at 111.30/111.50.

USDJPY, 1h

We see gold moving up in impulsive fashion. Price broke above 1226 and is now trading in fifth wave towards 1235/1240 area, where bulls may start slowing down for a new three-wave reversal.

Gold, 1h

If you would like more analysis like this and more knowledge then please visit our website at www.ew-forecast.com and subscribe for a 14-day Trial, where you will have access to our fx, gold, silver, sp500, dax, 10yr notes, bunds and btcusd analysis with monthly, daily and intra-day time frames. All of this and more for 1€.

Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

EUR/USD holds near 1.1900 ahead of US data

EUR/USD struggles to build on Monday's gains and fluctuates near 1.1900 on Tuesday. Markets turn cautious, lifting the haven demand for the US Dollar ahead of the release of key US economic data, including Retail Sales and ADP Employment Change 4-week average.

GBP/USD declines toward 1.3650 on renewed USD strength

GBP/USD stays on the back foot and declines to the 1.3650 region on Tuesday. The negative shift seen in risk mood helps the US Dollar (USD) gather strength and makes it difficult for the pair to find a foothold. The immediate focus is now on the US Retail Sales data.

Gold stabilizes above $5,000 ahead of US data

Gold enters a consolidation phase after posting strong gains on Monday but stays above the $5,000 psychological mark and the daily swing low. US Treasury bond yields continue to edge lower on news of Chinese regulators advising financial institutions to curb holdings of US Treasuries, helping XAU/USD hold its its ground.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

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.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.