MONDAY IN BRIEF: AUDUSD, EURUSD, GOLD, and SPI200

Hi Traders,

Welcome to Monday in Brief. Please, see the charts after the short comment. Some targets below might take a while to be fetched. For more info, fell free to call Jade Capital Partners

In Brief:

The AUDUSD (now at 0.7234) seems to be retracing a bit down to 0.7155 and then top around 0.7300. Subsequently it should resume the downtrend to 0.6855. 

If the EURUSD (now at 1.0634) bottoms down at 1.0566, it should start a rebound up to 1.1041-1.1090. If it goes through that support at 1.0566 it might move down to 1.01-1.02.

GOLD (now at 1077) might temporarily move up a bit but is still weak and heading down to the area at 1041-1.034 or even 1009-989 before starting the new uptrend. 

Finally, even if the SPI200 (now at 5265) retrace a bit to 5160-5147, it should reach the target at 5650-5687 very soon.

AUDUSD daily, click to enlarge

EURUSD 4-hour, click to enlarge

GOLD weekly, click to enlarge

SPI200 weekly, click to enlarge

EURUSD soon topping at 1.18-1.19?

Hi Traders,

In the very short term (see the 15 min chart) the EURUSD (now at 1.0932) is set to top within the area 1.1014-1.1026 before resuming a minor downtrend to 1.085-1.082.

Once reached this bottom at 1.085-1.082 it might start a temporary uptrend to the area 1.1778-1.1964 (see target in the daily chart).

Overall, the long term target is still down to the area 1.0330-1.0098 (see target in the monthly chart)


TARGETS

first
up to 1.1014-1.1026 and then down to 1.085-1.082
then again
up to the area 1.1778-1.1964

ELLIOTT WAVES

The daily chart displays a continuation pattern that should develop in 7 waves, 5 of them already on the daily chart. In few words, wave 6 should reach the low at 1.085-1.082 whilst wave 7 should top in the area 1.1778-1.1964 (see monthly chart for this target). This new top would complete wave W. 





monthly chart - click the chat to enlarge

weekly chart - click the chat to enlarge

daily chart - click the chat to enlarge

4-hour chart - click the chat to enlarge

1-hour chart - click the chat to enlarge

15 min chart - click the chat to enlarge

OIL to rally soon

Hi Traders,

The WTI OIL (now at 45.86) should end the present downtrend in the area 44.72-44.17. It would then start a new uptrend to 68.83-69.51.

TARGETS

first down to the area 44.72-44.17

then up to 

- 47.35 - 48.07
- 49.05 - 49.58
- 51.69 - 52.53


ELLIOTT WAVES

The daily chart shows that there are two waves out of three: "wave a" up (from 42.58 to 62.55) and "wave b" down to 44.72-44.17.

These are two of the three component (a-b-c) of the major retracement wave 4  which should reach the area 68.83-69.51. The third component will be labelled  "wave c" and will be displayed in 5 waves. 


The 4-hour and 1-hour charts reveal that the last wave down (the very minor sub-sub-minuette wave 5) will be completed within the end of the week (Saturday early morning for Australia).


The channel in the 1-hour chart shows that the OIL is still performing the very last sub-sub-minuette-wave 4 which will be followed by wave 5 down to the area 44.72-44.17.

monthly chart - click to enlarge







weekly chart - click to enlarge







daily chart - click to enlarge







4-hours chart - click to enlarge







1-hours chart - click to enlarge