Elliot waves analystπŸ“ˆπŸ“‰
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Also on GBPUSD a lot of possible scenario I can't commit to anyone because I can't count definitively DXY , but if I had to endorse one bias then I would be trading this
So agin with the market stalling at the start we are focussed on the daily bias
This is what I think todays trading will do so we should look for waves that align with this .. again don't force selling if you don't see it then leave it
AUDUSD 1H .. this ending diagonal pattern should create a nice selling opportunity . If dollar gains momentum up then we will look for selling opportunities on this pair
The dollar index unless we get a truncated move here on wave (5) that will cause immediately change in the direction , price should continue lower forming a normal wave (5)
NOW the ripple effect on the dollar index trading lower is EURUSD trading higher as this wave (c) seems to want to form an extended wave (5)
GBPUSD .. I truly don't see a continuation here unless am wrong in naming the pro waves . So I will update the chart letter but am expect some sort of reversal here
If I were to pick a pair that will most likely present high probability trades it will be this pair . We are trading wave (3) on the daily timeframe so we will be looking for selling opportunities . Any bullish move we treat it as a pullback to allow us to keep selling . Remember short term trade ideas are build from long term plans
XAUUSD 4H (gold).. since price didn't move much last week we are still waiting for the completion of this wave (4) then keep trading higher
Remember GOLD is bullish this moth and any bearish move will be treated as correction move
XAGUSD 4H .. also we didn't have any movement last week but the idea remain the same after wave (4) completes we keep looking for buying opportunities