Wednesday, 8 July 2015

AUD/JPY breaks short and long term trend channel supports, big decline beginning

My long standing long term Elliott Wave count for AUD/JPY seems to be on track. I haven't covered this market too frequently, last time about six weeks ago, have simply been content to sit back and watch the waves unfold.

Daily chart shows the market breaking short term trend channel support.



Weekly chart shows the market breaking far more significant long term support. The projected waves are indicative of form only, the down trend could travel much further than illustrated in coming months.



Gold sitting on trend channel support, Silver tests trend channel support then rallies

Gold



Silver