Crude Oil And USDMXN Analysis

Grega Horvat

Crude oil can be unfolding a third wave of a decline, which can be labelled as wave c, leg that can look for support and a turn higher around the 66.55 region. 66.55 area is the first region of support (Fibonacci ratio of 100.0 compared to wave a), while 65.59 level is the second region of support, where bulls can slow down.

Crude Oil Hourly Chart

Crude Oil Hourly Chart

USDMXN made a sharp recovery recently, which can be part of an unfolding five-wave impulse. Currently we are tracking wave 3 of an impulse, which can be trading near completion as blue sub-wave five is already in motion and looking for resistance. Resistance for sub-wave five of 3 can be seen around the upper Elliott wave channel line and near the Fibonacci ratio of 61.8. There a temporary wave 4 can follow and slow bulls down.

USDMXN Hourly Chart

USDMXN Hourly Chart

Source: www.ew-forecast.com

Comments

comments