Elliott Wave Analysis On NZDUSD And Crude OIL 

oil-price-analysis

Gregor - Author BIO photoElliott Wave Analysis On NZDUSD And Crude OIL

NZDUSD

Markets are trading sideways today on stocks and USD is close to a pullback. The NZDUSD is still trading lower trying to complete a full five wave move from latest highs. For now we can count completed three waves down and we expect one more drop to unfold so we can get a full impulsive move.

At the moment we see price in a corrective pullback in the red wave 4) and a possible resistance for this consolidation may be around the 0.7176 area where 38% of fibb retracement ratios and the ABC equality ratio meet. So we still expect a move lower in the red wave 5 below the 0.7650 levels.

NZDUSD, 1H

nzdusd-analysis

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Crude OIL

OIL did not retrace as we expected a few days back, but instead continued lower so we moved our wave 4 to the 46.15 level from where we saw price drop to a new low at the 42.20 mark. From there as we can see on the chart, market seems to be tracing out a possible temporary three wave rally, with pair currently trading in the first leg A. As such we believe this whole upcoming correction may find a new resistance and a turning point lower around the area of a former wave 4, from where bears may take over.

Crude OIL, 1H

oil-price-analysis

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By Gregor Horvat

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