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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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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