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Elliot Wave Analysis by Solidecn.com

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GBPUSD - The pair is in a correction and may grow.

On the daily chart, the fifth wave of the higher level V develops, within which the wave (1) of V formed. Now, the fifth wave of the lower level 5 of (1) has ended, and an upward correction has started as the wave (2) of V, within which the wave i of A of (2) is forming.

If the assumption is correct, the GBPUSD pair will grow to the area of 1.2504 – 1.2854. In this scenario, critical stop loss level is 1.1387.

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USDCAD - A fall is possible.

On the weekly chart, the downward correctional wave of the higher level 4 develops, within which the wave (C) of 4 forms. Now, the first wave of the lower level 1 of (C) has formed, a local correction has ended as the wave 2 of (C), and the third wave 3 of (C) has started, within which the wave i of 3 is developing. 
 
If the assumption is correct, the USDCAD pair will fall to the area of 1.2374 – 1.201. In this scenario, critical stop loss level is 1.3224.
 
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USDCHF - A fall is possible.

On the daily chart, the fifth downward wave of the higher level 5 develops, within which the first wave (1) of 5 forms. Now, the first wave of the lower level 1 of (1) has formed, a local correction has ended as the second wave 2 of (1) and the third wave 3 of (1) has started, within which the wave i of 3 has formed.

If the assumption is correct, after the end of the correctional wave ii of 3, the USDCHF pair will fall within the wave to the area of 0.92 – 0.8916. In this scenario, critical stop loss level is 0.9889.

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Visa - The price is in a correction and may grow.

On the daily chart, the third wave of the higher level (3) ended, and a downward correction forms as the fourth wave (4). Now, the wave A of (4) has formed, and the wave B of (4) is developing, within which the wave a of B has formed, and the wave b of B is developing. 

If the assumption is correct, after the end of the correction, the asset will grow to the area of 226.95 – 236.61. In this scenario, critical stop loss level is 185.1.

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AUDUSD - A fall is possible.

On the daily chart, the first wave of the higher level (1) of C ended, and a downward correction develops as the wave (2) of C, within which the wave C of (2) develops. Now, the third wave of the lower level iii of C has formed, a correction has ended as the fourth wave iv of C, and the fifth wave v of C is developing, within which the wave (v) of v is forming. 
 
If the assumption is correct, the AUDUSD pair will fall to the area of 0.66 – 0.645. In this scenario, critical stop loss level is 0.6917.
 
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USDJPY - Growth is possible

On the daily chart, the third wave of the higher level 3 develops, within which the third wave of the lower level iii of 3 formed and a downward correction ended as the fourth wave iv of 3. Now, the fifth wave v of 3 is developing, within which the third wave of the lower level (iii) of v has ended, and a local correction is developing as the wave (iv) of v. 
 
If the assumption is correct, after the end of the correction, the USDJPY pair will grow to the area of 147.5 – 150. In this scenario, critical stop loss level is 138.32.
 
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Gold - A fall is possible.

On the daily chart, a downward correction develops as the fourth wave of the higher level (4), within which the wave C of (4) forms as a momentum. Now, the third wave of the lower level iii of C of (4) is developing, within which the wave (v) of iii of C is forming. 

If the assumption is correct, the XAU/USD pair will fall to the area of 1621.9–1515.1. In this scenario, critical stop loss level is 1735.23.

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EURUSD - Growth is possible.

On the daily chart, the downward wave of the higher level C of (B) ended, within which the fifth wave v of (C) formed. Now, the upward wave (C) has started, within which the entry first wave of the lower level (i) of i of 1 of (C) is developing. 

If the assumption is correct, the EURUSD pair will grow to the area of 1.0366 – 1.0612. In this scenario, critical stop loss level is 0.9858.

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GBPUSD - A fall is possible.

On the daily chart, the fifth wave of the higher level V develops, within which the wave (1) of V forms. Now, the fifth wave of the lower level 5 of (1) is developing, within which the wave iii of 5 has formed, the correctional wave iv of 5 has ended and the wave v of 5 is developing. 

If the assumption is correct, the GBPUSD pair will fall to the area of 1.105 – 1.075. In this scenario, critical stop loss level is 1.1736.

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USDJPY - The pair is in a correction and may grow.

On the daily chart, the third wave of the higher level 3 develops, within which the third wave of the lower level iii of 3 formed, and a downward correction ended as the fourth wave iv of 3. Now, the fifth wave v of 3 is developing, within which the third wave of the lower level (iii) of v has ended, and a local correction is developing as the wave (iv) of v.

If the assumption is correct, after the end of the correction, the USDJPY pair will grow within the wave (v) of v to the area of 147 – 150. In this scenario, critical stop loss level is 140.

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XAGUSD - A fall is possible.

On the daily chart, a downward correction of the higher level develops as the second wave (2), within which the wave C of (2) forms. Now, the fifth wave of the lower level v of C of (2) is developing, within which the wave (iii) of v has formed, a local correction has ended as the wave (iv) of v, and the wave (v) of v has started. 

If the assumption is correct, the XAGUSD pair will fall to the area of 17 – 15.8. In this scenario, critical stop loss level is 20.04.

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AUDUSD - A fall is possible.

On the daily chart, the first wave of the higher level (1) of C ended, and a downward correction develops as the wave (2) of C, within which the wave C of (2) forms. Now, the third wave of the lower level iii of C has formed, a correction has ended as the fourth wave iv of C, and the fifth wave v of C is developing, within which the wave (v) of v is forming. 
 
If the assumption is correct, the AUDUSD pair will fall to the area of 0.66 – 0.645. In this scenario, critical stop loss level is 0.6917.
 
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NZDUSD - The pair may fall.

On the daily chart, the upward wave of the higher level (А) of B formed, and a downward correction develops as the wave (B) of B. Now, the wave C of (B) is developing, within which a local correction has ended as the fourth wave of the lower level iv of C, and the fifth wave v of C is forming.

If the assumption is correct, the NZDUSD pair will fall to the area of 0.575 – 0.56. In this scenario, critical stop loss level is 0.6165.

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USDCAD - Growth is possible.

On the daily chart, the upward fifth wave of the higher level 5 develops, within which the wave (1) of 5 formed, the correctional wave (2) of 5 ended and the wave (3) of 5 develops. Now, the third wave of the lower level 3 of (3) is forming, within which the wave iii of 3 has formed. 

If the assumption is correct, the USDCAD pair will grow to the area of 1.38 – 1.41. In this scenario, critical stop loss level is 1.2955.

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American Express - Growth is possible.

On the daily chart, the fifth wave of the higher level (5) develops, within which the wave 3 of (5) formed and a downward correction ended as the fourth wave 4 of (5). Now, the fifth wave 5 of (5) has started, within which the first entry wave of the lower level (i) of i of 5 has formed, a local correction has ended as the second wave (ii) of i of 5 and the wave (iii) of i of 5 is forming. 

If the assumption is correct, the asset will grow to the area of 183.5–199.25. In this scenario, critical stop loss level is 146.38.

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Crude Oil - A fall is possible.

On the daily chart, the upward wave C forms, within which the first wave 1 of (1) of C, and a downward correction develops as the second wave 2 of (1) of C, within which the wave c of 2 forms. Now, the third wave of the lower level (iii) of c is developing, within which the wave iii of (iii) is forming. 

If the assumption is correct, the price of the asset will fall to the area of 77.50–62.73. In this scenario, critical stop loss level is 96.32.

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XAUUSD - A fall is possible.

On the daily chart, a downward correction forms as the fourth wave of the higher level (4), within which the wave C of (4) develops as a momentum. Now, the third wave of the lower level iii of C of (4) is forming, within which the wave (v) of iii of C is developing. 

If the assumption is correct, the XAUUSD pair will fall to the area of 1621.9 – 1515.1. In this scenario, critical stop loss level is 1736.8.

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Crude Oil - The price is in a correction, a fall is possible.

On the daily chart, the first wave of the higher level (1) ended, and a downward correction develops as the second wave (2), within which the wave C of (2) develops. Now, the third wave of the lower level iii of C is forming, within which the wave (iii) of iii is developing. 
 
If the assumption is correct, the price of the asset will fall to the area of 67 – 51.5. In this scenario, critical stop loss level is 89.95.
 
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XAGUSD - A fall is possible.

On the daily chart, a downward correction of the higher level develops as the second wave (2), within which the wave C of (2) develops. Now, the fifth wave of the lower level v of C of (2) is developing, within which the wave (iii) of v has formed, a local correction has ended as the wave (iv) of v and the wave (v) of v is forming.
 
If the assumption is correct, the XAGUSD pair will fall to the area of 17 – 15.8. In this scenario, critical stop loss level is 19.91.
 
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XAUUSD - Demand for gold continues to decline

Gold prices show a slight increase, retreating from their April 2020 record lows, updated the day before, and trying to consolidate above 1630 amid increasing uncertainty about the global economic outlook.

The pressure on the XAUUSD pair remains, as the market expects further tightening of monetary policy by global financial regulators. In particular, the US Federal Reserve may go for at least one more major interest rate hike before the end of the year. In turn, the Bank of England may hold an emergency meeting in order to correct the rate, although it was previously noted that the regulator plans to take a wait-and-see position until November.

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Demand for contracts based on the precious metal continues to decline: this week, the rate of liquidation of transactions for sale significantly exceeds the statistics for purchases. According to the report of the US Commodity Futures Trading Commission (CFTC), last week the number of net speculative positions in gold decreased to 65.7 thousand from 97.3 thousand a week earlier. As for the balance of sellers and buyers, the "bears" still hold the lead in the positions of swap dealers, and their number is 150.801 thousand against 96.613 thousand for the "bulls". This week, buyers again increased the number of contracts by 6.691 thousand, which is almost 10 times more than last week's increase, while sellers reduced their positions by 21.070 thousand contracts, which is 4 times higher than the rate of liquidation last week.

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Bollinger Bands in D1 chart demonstrate a stable decrease. The price range expands from below, making way for new local lows for the "bears". MACD is declining keeping a weak sell signal (located below the signal line). Stochastic retains downward direction but is located in close proximity to its lows, which indicates the risks of oversold gold in the ultra-short term.

Resistance levels: 1640, 1653.92, 1675, 1688.58 | Support levels: 1620, 1600, 1579.25, 1562.7

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