AUDUSD 1h Elliott Wave Analysis |
The FX market is again not moving much, despite strong sell-off on metals yesterday. I however expect more weakness on gold, which sooner or later may cause a move down on AUDUSD through 0.9200 support. GBPUSD is also on bearish track with much clearer wave structure than EURUSD that seems to be lost around current 1.3600-1.3670 range. On the equities we suspect that markets will rally even more if we consider an incomplete rally on the E-mini S&P500. But before uptrend resumes towards 1920 we may see a corrective retracement.
Here is our AUDUSD chart, still moving sideways but clearly looking corrective from 0.9200, so we remain bearish on this pair for a decline to a new swing low; down into wave (v) that may fall to 0.9150/70 zone. You know what they say » The longer it takes significantly breaks«!