Elliott Wave Analysis: EURJPY, Crude oil and USDCAD Intra-day Movements
Probably the most interesting pair for JPY trade is EURJPY which is rolling down in five waves from 130.00. It’s a nice looking wave structure that also took price out of an upward channel so more weakness is expected after any pullback. I will be looking for possible A-B-C rise back to 129.20 area for shorts.
EURJPY, 1h
Crude oil is recovering away from 59.20 area after Saudi talks of cutting oil production and exports, which is like a reason why despite strong dollar across the board USDCAD still holds that 1.3200 high from Friday. But we see a pullback making forth wave lower, so despite higher oil prices we think there is a chance to see a fifth wave rise towards 1.3250.
USDCAD, 1h
Crude oil is in fourth wave, nice resistance is at 62.40!
Crude oil, 1h
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