EUR/USD: Exit from the base formation.
Today we can with a higher degree of certainty call for an upward reaction to have started. The break above 1.2963 has made a bear triangle impossible hence enhancing the upside correction case. A couple of possible targets for this correction are 1) 1.3048, the mid body point of the latest falling benchmark candle and 2) 1.3179, 38.2% of wave 3 (4th waves are commonly rather shallow).
AUD/USD: Soon at next support.
The relentless selling just continues and the current wave 3 is now rapidly homing in on its primary target, 0.8965. Following the textbook a wave four bounce should occur (even though in strong trending markets wave 3 sometimes moves 261.8% * wave 1 = 0.8693) from the 0.8965 area.
GBP/USD: Trying the low end of the gap.
So far we’ve managed to briefly touch the low end of the gap from last weekend, 1.6270. We are however still penciling in a full gap fill (as continuation gaps almost always get filled) so look for consolidation in primarily a 1.6205 (1.6158 Sep 10 mid body point is an alternative range floor) – 6270 range and thereafter a move up to 1.6332-ish to complete the fill.
Spot Gold: The sub-1,241 break targets 1,217.
The down move accelerated into a notably bearish candle last week which also violated a 1,241 ref in the process. Conditions may require an early pause/correction early on this week, but investors should, once it fades, start targeting a medium-term 161.8% Fibo projection ref at 1,217 or even a more important zone of support at 1,184-1,181. First-hand resistance comes into play at 1,241-1,250.
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