Elliott Wave Live: “Key Insights on Euro, Pound, Aussie, Kiwi, Cryptos, and More”
May 13, 2023

VIDEO

In our latest Elliott wave live session, we covered plenty of markets and analysis, including a discussion of currency correlations and recent market movements. I also have a few currency pairs for potential ideas next week. On my watchlist area: GBPUSD, NZDUSD, USDJPY, GOLD, ETHERERUM.

Below the video, you will find some highlights and short description of the markets I covered.

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Best regards,
Grega

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Key points

Euro may see weakness due to dollar strength and potential flat correction

  • Euro may drop sharply in a flat correction or see an ABC correction back to Wave 4 and then rally
  • Intraday chart shows potential weakness and breaking of lower trend line support

Pound drops despite hawkish BoE

  • Ending diagonal is pointing even lower for next week

Aussie and Kiwi looking weak

  • Failure bullish breakout and bearish weekly close suggests more weakness for AUD and NZD vs USD
  • China inflation data and lower copper prices puts bearish pressure on the Ausse

USD/JPY can to continue downside movement

  • Possible scenarios include a bearish triangle or a triangle for wave B
  • Short-term weakness expected with potential retest of lower trend line and 61.8 projection
  • 10-year US notes looks corrective within uptrend

Crude oil may see more upside as long as it stays above the defined pivot level.

  • OPEC’s production cut announcement was supportive for crude, but prices fell a few weeks later.
  • A spike to a new low was seen, close to a big support level defined as a potentially pivot level for this year.

SP500 Elliott Wave analysis – no breakout yet

  • Technical analysis suggests potential breakout if daily close above 4200

Gold and silver in a potential correction, key support levels to watch

Ethereum is in a corrective phase

  • ETHUSD is down, but moving close to key support at $1700.
  • An impulsive rally will put bulls back in play

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