GOLD And EURJPY Intraday Elliott Wave Analysis

0
138

Traders, the US bonds keeps trading lower, while yields and US stocks are still looking strong. So when you have such correlations in place the best investment will be in Yen crosses. With that said, it may not be a bad idea to keep an eye on EURJPY maybe that seems to be in a corrective retracement. I can see some nice technical support around 138.80 from where uptrend may resume. Keep in mind that for the last few weeks, the EURJPY has better correlation with USDJPY rather that EURUSD. So for more upside on EURJPY, USDJPY must remain in bullish mode.
EURJPY 1h Elliott Wave

EURJPY Elliott wave 12213
EURJPY Elliott wave 12213

GOLD is under pressure at the start of the European session which we still think it can be wave b) corrective retracement as a part of incomplete three wave recovery from 1226 low. Be aware of a spike into 1226-1234 levels before reversing up.
GOLD 1h Elliott Wave

GOLD Elliott Wave 12213
GOLD Elliott Wave 12213

Written by www.ew-forecast.com

2 week trial

SHARE
Previous articleForex Weekly Outlook December 2- December 6, 2013
Next articleWatch Out – Smart Selling
Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.