Category Archives: Crude Oil

Video Analysis: AUDJPY, NIKKEI, OIL, USDCAD

Grega Horvat

USDCAD was trading bearish through May 2017 and through September. We can see that a five-wave impulse had unfolded on the daily time frame and later found a low at the 1.2058 level. From there a new bullish movement followed, which we labeled it as wave A, first wave of a three-wave recovery which means more gains is expected to occur after current wave B is finished, which can look for a base around 1.2600 and also complete a bullish H&S pattern. more…

Crude Oil Is Looking For A Final Push Higher, While Dax For A Final Push Lower

Grega Horvat

Crude oil is current trading choppy, slow and overlapping, probably trapped in a triangle correction. This triangle correction usually appears prior to the final wave within a trend, meaning a final push higher can follow on energy. Well, a confirmation for a completed triangle pattern is a visible five-wave affair within wave 4 and a break above the 57.90 level. However, even though we expect more upside in upcoming trading sessions, be aware that final wave 5 may follow and that upside can be limited. more…

USD Index, USDJPY And Crude Oil

Grega Horvat

USD Index is unfolding a nice five-wave drop within red wave iii), which is an indication for even more weakness. Ideally once black sub-wave v fully unfolds, a new three-wave temporary correction into the following wave iv) will show up. The later wave iv) can see limited upside near the former swing high of wave iv at the 92.51 level. more…

Elliott Wave Analysis On EURUSD And Crude OIL

Gregor Horvat

EURUSD is at the lows, so we are now even more confident that pair is making an extended wave three down from 1.0925. We see blue wave three already making a fifth sub-wave to the downside and that is why we need to be aware of a new short-term recovery that can show up. We are talking about blue wave four that can be very interesting to join the downtrend from around 1.0770/90 while price at 1.0864 is not breached. more…

OPEC’S Decision Will Likely Boost Oil Prices Further In Short Term

Fawad Razaqzada

The OPEC surprised the market yesterday and actually managed to agree on a production cut, with details to follow in their November meeting. Up to 800,000 barrels of oil per day will potentially be removed from the oversupplied market which would lower the production target for the cartel to a range between 32.5 and 33.0 mb/d. Oil prices surged some 6% in the immediate aftermath of the news, though they have since eased off a tad as traders make a more sober assessment of the whole situation. more…