Gbp/Usd Wave II) at 1.6330, Gold Wave 5) near to $1000

Daily Forex Technicals | Written by TheLFB-Forex.com
Gbp/Usd Wave II) at 1.6330 - Jun 9 09 7:54 EDT
2 Hour Chart trend: Mixed. Main price points: 1.5800, and 1.6661. Looking for: Wave II)

Prices on the two hour cable chart are trading to the upside, and we have re-worked the wave count a into near-term bullish direction. It seem that the market is trading in a corrective wave II); we came out with a possible leading diagonal in wave I). Prices in wave two usually make a retracement of 61.8% of the previous wave one. In our case that would be somewhere around the 1.6330 area where traders may be looking for a short turning point, as soon as wave c completes. the 1.6661 resistance area needs to hold, otherwise will the wave count be invalidated.
















Gold Wave 5) near to $1000
4 Hour Chart trend: Long. Main price points: 943.29, and 979.79. Looking for: Wave 5) , as long 943.29 holds

Wave 4) on gold has found the lows in the zone of the prior wave four area, as expected. Wave C has completed a whole zig-zag correction at the 943.29 lows, which now needs to hold for a higher wave 5). If the wave count is correct, and if the wave 5) has really started, then the market should reach new highs in the coming days or weeks, somewhere above red wave 3) top.