We see a drop on crude oil from 130 area as a five-wave impulse into wave A that can be coming to an end around 62 - 57 temporary support area. Current strong drop in the 4-hour chart which can be also considered as a spike into new lows, we see as a final wave (5) of A, so be aware of a corrective recovery into a higher degree wave B soon.
The price moved over 100pips in our favour since the counter-trend opportunity (see link below for reference purposes) before what appears to be a gradual change in structure that supports completion of a Reversal pattern. Recall that I warned against factors that might disrupt the previous set-up thereby giving way for a rally continuation (see my penultimate...
Price broke out of Key level @ $1.32850 to negate my previous speculation (see link below for reference purposes) to find new highs. The GBPUSD had a negative start to the trading session on Friday, doing a correction into the $1.34800 level. I am seeing this level as a temporary Demand zone that might be a good sign that an uptrend continuation is in the air!
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These are possible future moves of EURNZD.
Don't forget that corrective structures are very complex and they can develops in various types of patterns, so i don't expect market goes completely in the way i anticipate, but maybe this is the best labeling based on price action we have right now.
This long term analysis is not a trade setup. It is just an analysis...
