Elliott Wave Forecast!

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GBPUSD has extended higher in the last two weeks after broken trend-line connected from above 1.6300.

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Recent pull-back represents a wave 2/B as we labeled a decline from 1597 as a leading diagonal in wave 1/A.

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Expecting higher on USDCAD in coming week as recent correction is black wave 2.

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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

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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.

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OIL has accelerated higher on Thursday, and more importantly it closed well above the upper parallel trend-line of a base channel.

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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

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Expecting AUDUSD More downside towards 1.0100 in next few trading days.

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On GBPUSD hourly chart we can count completed five waves up in wave C that shows signs of a top around 1.5606

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GOLD made a deeper pull-back in this week and then found a support around 1440, at the parallel trend-line that represents lower side of a corrective channel. Also notice that decline from 1485 has been made in three waves and that 1419 support is still in place. Therefore, we think that pull-back from latest high was corrective wave b) that is part of a complex double zig-zag from mid April low. With that in mind, price could test 1490 or even 1500 level before complex corrective is complete.