Elliott Wave UPDATE: AUDUSD and GOLD Stopping For A Setback

Jun 28,2019 20:25   Source:Forex Crunch

AUDUSD is recovering sharply from the 0.683 level, where a low for sub-wave c of Y had been found. Current sharp rally can now be part of a minimum three-wave recovery, that can take price towards, and beyond the 0.702 bullish level. 

We labeled the first wave a/I in progress, which can look for resistance near the 0.702 bullish level, that can at the same time represent possible resistance.

Be aware of a temporary setback as wave b/ii to around 0.692 regions.

AUDUSD, 4h

Gold is trading bullish, in a five-wave rise from the end of April. Now we see price making a temporary bearish turn from the 1439 level, giving us an idea that wave III of a higher degree can be completed, and that a temporary wave IV correction is in progress. In such a case, three more legs to the downside may follow, with possible support near the 1381/1350 region.

GOLD, 1h

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