Elliott Wave Analysis: GBPUSD, USDNOK and Crude oil 

intraday oil analysis

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Elliott Wave Analysis: GBPUSD, USDNOK and Crude oil

From USD bearish point of view our favorite pair may still be GBPUSD because of overlapping decline, especially in latest stage of a decline, which is normally evidence of lower volume and momentum, so reversal may not be far away. But as always, wait on broken channel before we may look for a completed fourth wave.


intraday gbpusd

USDNOK may also be interesting since pair made only three waves up, so if pair can make a new intraday impulsive drop from 8.000 area to 7.8500 then this may lead to more weakness towards 7.6900 again, as rally from the low would then be labeled as completed correction. In the mean-time we see crude oil still in bullish mode; making a new triangle which is a continuation pattern, so more upside on oil towards $53 may help USDNOK to find a resistance.


intraday usdnok

Crude oil, 1H

intraday oil analysis


Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.



By Gregor Horvat

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