Elliott Wave Analysis On NZDUSD And Crude OIL
Our NZDUSD is in the corrective pullback and we expect higher prices at least to the levels where our Fibonacci ratio of 38.2 lays. Resistance levels for the red wave 2 would then come in around 0.7269 and maybe 0.7289 area from where we would expect beginning of the third wave to the downside.
On the 1h chart we see that, OIL is still trading in the sideways price action. We expect to see lower levels ahead to complete black wave C in the red wave 4) of a higher degree. Currently we see only two completed legs, A and B and we expect one more leg to complete around the 45.60-80 region. Since we labeled possible lows on mentioned levels with a red wave 4), this means we expect new high in the red wave 5 on this commodity.
Crude OIL, 1H