Elliott Wave Analysis On EURAUD And Crude OIL
EURAUD
EURAUD looks very interesting for a possible trade on the long side. We keep this pair on the radar for a potential trade since we are close to the end of the corrective pullback after price traced out a nice five wave move to the upside. This corrective pullback is for now a simple ABC formation and we are now in the finishing touches of the black wave C with a potential support level and a turning point around 1.5060-90 region.
EURAUD, 4H
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Crude OIL
We have searched for a top on the US oil futures and it seems we got it in the last few days of trading at 51.66 levels. From there price fell in almost a completed five wave drop. Current labeling suggest this impulse is still not over and that we have one more push down to complete this five wave pattern. Pullback which is now unfolding is blue wave iv which could find its resistance at 48.80-90 zone, before price turns lower to complete blue wave v around the support at 47.30-50 region. From there we would expect a reversal in an ABC corrective manner.
Crude OIL, 1H
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