Crude oil and NZDUSD Aiming for Weaker Prices – Elliott wave Analysis
Crude oil is moving sharply lower after a very nice technical reaction lower from the upper channel resistance line that put highs in play for sub-wave 2) at 69.85. If that is the case, then current drop is part of a new big impulse wave 3) which can be underway even down to 64.00 while market is trading below 68.70.
Crude oil, 4h
NZDUSD is trading lower, unfolding a new five-wave drop out of a triangle correction located at 0.6833 level. We are observing wave 3 that is now trading at the lower Elliott wave channel line. A break below this channel would confirm a five-wave drop to be in play, and that price can eventually touch levels near the 0.6580 area, where the Fibonacci ratio of 161.8 sits. From there a new correction may follow.
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