Daily Elliott Waves Forecast: EURUSD, GOLD, GBPJPY (07.06.22)

7 June 2022 Amega

The euro has shifted to lower levels against the dollar, decreasing the chances of invalidation at wave (4). Further downside should see a leading diagonal form, as without one the pattern will likely prove upward.

Gold prices have declined after ending wave (ii), and the drop looks impulsive. This adds to the bearish bias, but it does not guarantee the correction is over. Only a break of wave (i) would, and that will take time to effectuate.

The British pound has had an impressive rally against the Japanese yen as the latter continues to weaken. With encircled wave ii completed or not, more upside is expected in the medium-term as wave 5 seems just to have started.

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