We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bullish
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • The latest UK General Election opinion polls continue to show the Conservative Party holding a strong lead over Labour and point to Boris Johnson winning a working majority in Parliament. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/qF04EOUWkI https://t.co/LNl4bXbnpp
  • Recent polls have put Conservatives ahead of Labour and given a boost to $GBP. Get your #Brexit update from @ZabelinDimitri here: https://t.co/l2n53C0cYY https://t.co/oTWfXkaDDt
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr #FOMOintrading https://t.co/xeromAGqqx
  • Macro data from around the world have long attested to the urgent need for a trade settlement between the US and China. Increasingly the corporate numbers are saying the same. Get your market update from @DavidCottleFX here:https://t.co/Qon7QUO80c https://t.co/rCOG78QQ2M
  • #Gold prices may fall while the US Dollar gains even as economic policies championed by the Trump administration invite inflation. Get your market update from @IlyaSpivak here: https://t.co/4lHhHsby56 $XAUUSD https://t.co/JmZxckVHdS
  • Cable (GBP/USD) remains just off its seven-month high print around 1.3165 as traders start to move to the side lines ahead of next Thursday’s General Election vote. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/CpCh13J9ZH #Brexit https://t.co/PIh6WUqbsK
  • (Weekly Technical Outlook) GBP/USD, EUR/GBP, GBP/JPY, GBP/CAD Outlook as UK Election Looms $GBPUSD $EURGBP $GBPJPY #UKelection2019 - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/12/07/GBPUSD-EURGBP-GBPJPY-GBPCAD-Outlook-as-UK-Election-Looms.html?CHID=9&QPID=917702 https://t.co/iuILHYczJ7
  • Why do you require consistency in trading and why does it matter? Find out: https://t.co/WlEFlluGfZ #tradingstyle https://t.co/TkMtJQKatx
  • By issuing debt denominated in $USD, China is making a long-term bet that it will be cheaper to pay back its loans over time in the US Dollar; it believes the value of the US Dollar will fall. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/xV9urXXf48
  • What are some risk trading management techniques? Find out: https://t.co/RShdlDz9RA #tradingstyle https://t.co/M3ASPIHAep
US Dollar Bounces at Support While Gold Prices Stuck Below Resistance

US Dollar Bounces at Support While Gold Prices Stuck Below Resistance

2019-06-17 17:05:00
Jeremy Wagner, CEWA-M, Senior Strategist
Share:

US Dollar bounces at nine-month support line. Gold price Elliott wave outlook is towards lower levels on the inability to break through resistance.

The video above is a recording of a US Opening Bell webinar from June 17, 2019. We focused on the Elliott wave patterns for key markets such as EURUSD, DXY, GBPUSD, USDJPY, USDCAD, gold, silver, and crude oil.

US Dollar Pattern Looks like a Top is in, but has not broken support

The US Dollar has made little progress through the current calendar year. Looking backward, the impulsive bear wave in 2017 suggests a partial correction to the upside in a three-wave structure is highly likely. We can count the minimum waves in place for an (A)-(B)-(C) Elliott wave zigzag pattern beginning in February 2018. This proposed zigzag has corrected a Fibonacci 61.8% of the 2017 down trend. If the top is in, then a break of the blue trend line will be a large signal towards lower pricing.

After a break of the trend line, several wave counts suggest continued weakness to 92-94. From there, the wave counts diverge with some suggesting a run at new highs while others hint towards deeper weakness into the low 80’s. We will watch the structure of any correction to tip our hands and provide clues as to which is the higher probability path.

Read more…

How to trade US Dollar Index

US Dollar Index longer term forecast for a down trend using elliott wave theory.

Gold prices repel at resistance

Last week, discussed how gold prices challenge resistance and that if $1365 were to hold, the door is open for a retest below $1265.

On Friday, gold price did challenge the high making it to $1358 before retreating. Last week’s challenge came with divergence on the Relative Strength Index oscillator. These are bearish symptoms for gold and suggests Friday’s high at $1358 might be wave ‘D’ of an Elliott wave triangle pattern that began in July 2016. If correct, then gold prices are poised to fall below $1265 in the ‘E’ leg, or final leg of the triangle.

An important point to keep in mind is that a correction would be the final leg of a multi-year triangle. In other words, this is a BIG pattern. Therefore, emotions tend to run high as traders try to hold on to old and tiring trends. Keep your focus on the larger pattern at play as the better trading opportunities with better risk to reward ratios appear once the large patterns end.

Bottom line, so long as gold prices remain below $1365, anticipate a retest and temporary break below $1265 to finalize the 3-year triangle pattern. If gold breaks above $1365, then we need to reconsider the triangle pattern already over and that gold may be advancing deep into the $1400’s and possibly $1500’s.

Read more: top gold trading strategies and tips

elliott wave gold forecast showing a down trend to below $1265.

Elliott Wave Theory FAQ

How does Elliott Wave theory work?

Elliott Wave theory is a trading study that identifies the highs and lows of price movements on charts via wave patterns. Traders analyze the waves for 5-wave moves and 3-wave corrections to determine where the market is at within the larger pattern. Additionally, the theory maintains three rules and several guidelines on the depth of the waves related to one another. Therefore, it is common to use Fibonacci with Elliott Wave analysis. We cover these topics in our beginners and advanced Elliott Wave trading guides.

After reviewing the guides above, be sure to follow future Elliott Wave articles to see Elliott Wave Theory in action.

---Written by Jeremy Wagner, CEWA-M

Jeremy Wagner is a Certified Elliott Wave Analyst with a Master’s designation. Jeremy provides Elliott Wave analysis on key markets as well as Elliott Wave educational resources. Read more of Jeremy’s Elliott Wave reports via his bio page.

Join Jeremy in his live US Opening Bell webinar where these markets and more are discussed through Elliott wave theory.

Follow Jeremy on Twitter at @JWagnerFXTrader .

Recent Elliott Wave analysis you might be interested in…

GBPUSD Elliott Wave Analysis: Bullish Wave 3 could carry to 1.35

S&P 500 Patterns Point to an Eventual December Low Retest

8 scenarios after an Elliott wave impulse pattern completes

USD/JPY Technical Analysis: 3 Year Pattern Complete?

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.