Elliott Wave Analysis: AUDUSD and Silver
Elliott Wave Analysis: AUDUSD and Silver
AUDUSD is seen in fifth wave of a wave 3) so bottom formation may be seen in the next few sessions. We also see slower bearish momentum in the last few sessions, so it may signal for a turn. Support is seen at 0.7710-0.7750 region.
AUDUSD, 1H
Metals have very strong correlation with AUDUSD, so bounce on Aussie in three waves may also be supported by a turn on Silver which is in fifth wave down, possibly making an ending diagonal, which is a strong reversal pattern. Rise above 16.70 would be a strong indication of a turning point.
Silver, 1H
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