The USD pairs are still in consolidation mode on the intraday charts. However, the current tight ranges are in the middle of a USD trend. On the USD Index, EURUSD and USDCHF we see market in fourth waves from where new USD highs can be seen in the sessions ahead.
On the EURUSD chart below I see a nice bearish impulse that is expected to resume in the next couple of sessions. I see a completed extended wave iii followed by a corrective price action that can be an expanding flat in wave iv. If we are correct then the market should find resistance somewhere around 1.3550/1.3560.
EURUSD 1h Elliott Wave Analysis
GOLD has recovered as expected in the last 24 hours. We have seen a nice deep rally back above 1320 that can be a corrective price action. The reason is previous clean five wave drop from 1345 to 1291 that confirms a bearish trend, so ideally the downtrend will resume back to 1291 in days ahead. Our count and outlook will get invalidated only if 1345 is broken.
GOLD 1h Elliott Wave Analysis
