The goal of the current exchange rate rise is 66.2 usd. Unlike the previous analysis, I put it slightly higher. Accordingly, I expect a reduction in correction motion of 58.7 usd. This is a nearly 11% decrease. If the predetermined movement occurs, then there is a high chance of a further rising wave system. The target price is 80USD. An additional increase of...
In my opinion, US Oil is now due another bearish leg after the current consolidation period.
Price has now rejected the weekly 50ema and Fib 0.5 retracement area. It has also rejected the support/resistance zone at $60. 1hr bullish trendline and 1hr 50ema is now broken which has been a dynamic support for price in the recent weeks.
I am first targeting previous...
OIL price is directly correlated to the CAD weighted average and USD weighted average.
Earlier this morning I sent a post regarding USDCAD.
Click on the chart below to see what I think for CAD and USD and consequently OIL price.
Oil price broke the consolidation area of $54 - $58 area and there currently trading at $58.40.
There is a lot of buying happening on oil prices based on technicals, prices may rise up to the next resistance of $60 a barrel before any reversal or even $64.
We may see a reversal around the $59.20 area where it failed last week to break above it as the daily 200&...
US Oil rejecting the key resistance zone at $57.50 which is a 3rd touch at this zone. Nice deceleration on the 1hr timeframe
By simply buying low and selling high, this set up seems pretty simple. We did see a 4hr lower low on Friday so excluding any complications, Oil may continue to drop off in to the low 50's over the week.
Stop loss is comfortably above the...
I still have a bearish bias on US Oil with price failing to break higher than its current level for the past few weeks.
Last Friday we saw heavy bearish momentum create new 4hr lows before sharply reversing in the afternoon/evening of the UK GMT timezones.
Price is now retesting a longer term broken trendline and is back in my liquidity zone marked on by the...
Oil prices have been consolidating between $54 -$58 a barrel the past 3 weeks.
We can expect the oil prices to form a triple top and then to drop to lower levels such us $51 & $49 .
The $57.32 area shows a significant support as the 800 EMA and the 0.392% mnth fib level match at the same point.
The wave of the exchange rate (green line) is rising, so I assume that it is moving in the long run. The slope of the ATR axis (white line) decreases, leading to corrective movement. The WTI correction level is 52 usd. I'm looking forward to testing this back.
The pair has been on consolidation for the past week within the 1.3210-1.33, the drop may continue as oil prices fail to drop below the 55.40 area and all the EMAS show an upward trend for oil prices!
The DXY is on a clear downward trend with the upward potential cleared by the 97.00 level, opening the door for further low points!
We can wait the pair to test...