Elliott Wave Analysis and Forecast (Daily Update) Forex, Gold, Crude

GBPUSD Could Hit 1.5350-1.5400 While 1.5000 Is In Place
GBPUSD found a support yesterday 30 pips above 1.5000 psychological level from where intra-day bulls lift the pair in impulsive manner back above 1.5200 level.

Cable Is Breaking Higher, Now Targeting 50% Retracement Level From January Highs
GBPUSD closed strongly higher last week after recently broken trend-line connected from above 1.6300 which suggests that recovery from 1.4830 could be deeper than firstly thought.

USDCHF corrective retracement
Observing new and much more complex wave structure on USDCHF

OIL May Have Found A Temporary Top Around $96.60
Oil fell sharply lower last week, clearly in five waves from 97.60 which means that the trend has now turned bearish

AUDUSD Turns Back In Bullish Mode As Price Exceeds 1.0500
AUDUSD moved through 1.0500 swings which mean that wave II pull-back is complete and that larger uptrend is back in progress again.

EURUSD Could Make Reversal Down to 1.2900/50 From 1.3100 Resistance
EURUSD extended another 200 pips higher since Friday, so now we are even more confident that low on EURUSD is in place which was expected because of ending diagonal, reversal pattern placed in wave 5).

Crude Oil: Correction Appears Complete; Weakness Could Extend To 90$ Per Barrel
Oil recovered nicely in the last few days from 91.80 back to 94.75 which was expected after a completed five waves down in wave 1.

EURUSD Eyeing 1.2950 before Going Higher Again
EURUSD could make a deeper corrective pull-back in the very near-term within wave B) towards 1.2900/1.2950 support zone before pair turns higher once again for wave C).

AUDUSD Turns Bearish After A Daily Close Beneath March Trend-line
AUDUSD turned sharply lower and made a daily close beneath rising trend-line connected from March lows.

EURUSD Breaks Out Of the Range, Now Headed to 1.3250/1.3300
EURUSD finally broke out of a sideways price action into wave C); earlier than we thought but still in our primary direction

EURUSD Could Extend To 1.2900/1.2950 After Broken Support Line From 1.2745
EURUSD reversed sharply lower yesterday from 1.3200, clearly in impulsive fashion beneath rising trend-line from 1.2745 and as well as wave B) swing low.

GOLD Could Make A New Bearish Reversal After Recent Pull-back To 1420
GOLD rallied nicely in the last few sessions which was expected as we needed a three wave rally in wave 4. For now, the bounce is unfolding very nicely, but we need to see 38.2% hold to turn straight down again.

GBPUSD Could Turn Bearish This Week
GBPUSD has extended higher in the last two weeks after broken trend-line connected from above 1.6300.

S&P 500 Is Showing a Top Formation At 1597 Based on Elliott Wave And H&S Patterns
Recent pull-back represents a wave 2/B as we labeled a decline from 1597 as a leading diagonal in wave 1/A.

USDCAD is Eyeing More High in Coming Week.
Expecting higher on USDCAD in coming week as recent correction is black wave 2.

Crude Oil Is Looking Impulsive On the Intra-day Basis; Could See $93.00
Oil is forming an impulsive price action from 87.87 swing low. The reason is recent strong reaction towards 92.00 figure yesterday which has been very strong and sharp in short-period of time. That’s a personality of a third wave

GBPUSD: Corrective Rally From March Low Could Now Extend To 1.5500/1.5600
GBPUSD finally broke higher yesterday after recent unsuccessful push through the lower support line connected from early March lows. Notice that pair closed well above 1.5407 trend-line yesterday which sets a stage for a new impulsive rally, now towards 1.5500/1.5600 area.

CRUDE OIL Turned Bullish Last Week; Could See $95.00
OIL has accelerated higher on Thursday, and more importantly it closed well above the upper parallel trend-line of a base channel.

What Rising Australian Stock Market Could Mean For The AUDUSD!?
When Australian stocks are higher the AUDUSD could go even lower if we consider the negative correlation between the markets as shown on the overlay chart below.

ASXSP200 Daily


Australian stocks vs. AUDUSD