The USD remains bullish with new highs seen against the EUR, CAD, JPY and even AUD in the overnight session. It seems like commodity currencies have also joined the weak EUR and GBP, most likely because of weak metals and even WTI crude.
On AUDUSD we have seen a strong move down in the last two sessions, through the 0.7680 swing low that put wave 3 in play. Wave 3 should be made by five smaller waves, so we assume that the market will stay bearish for 0.7600 or even to lower levels within wave 3) of a higher degree. A bearish H&S should also break down nicely, now approaching the projected level.
AUDUSD 30min Elliott Wave Analysis
AUDUSD Bearish H&S Pattern
Gold is at new low, but in fifth wave of decline as mentioned in yesterday’s update. Wave five is in the final leg within a bearish impulse, so a corrective bounce can follow soon; ideally from 1150/1155 area.
GOLD 1h Elliott Wave Analysis
