Elliott Wave Analysis On AUDUSD And Crude OIL

By: Gregor Horvat | Mon, Jan 4, 2016
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AUDUSD

Not sure when it was the last time that I have seen such a strong negative correlation between Aussie and Gold. Gold is up 1.65 while AUDUSD is 1.4% in red. However, I think that things will go back to normal; rather sooner than later, but for now we need to focus on what we see and not on what we think. That said, I will continue to expect more weakness on Aussie as decline from 0.7325 looks to be in five waves, thus an impulsive leg so more weakness should follow after any three wave bounce back to 0.7225-0.7234 resistance.

AUDUSD, 1H

AUDUSD 1-Hour Chart


Crude OIL

Crude oil is trading sideways for the last few weeks which looks like just another corrective price action. We are tracking wave (iv) that can be a running triangle. That's a bearish continuation pattern that can send price down into wave (v) towards $33 per barrel. Once this level is reached, we will look for a bullish turn, maybe in the first three months of 2016.

Crude OIL, 4H

Crude Oil 4-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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