A daily forex forecast for the upcoming events of the day that will impact forex trading ► These forex outlooks are published daily.
The bounce on crude oil from 53.36 appears to be a strong move with five subwaves. As such, we think it’s an impulse which can send oil prices much higher in the sessions ahead. This can be seen after a three wave retracement now back to 53.90/54.00 area from where a new leg up may show up; maybe even a third wave, while 53.36 level should stay in place.
Crude OIL, 1H
We have seen a very nice breakout on gold yesterday, above 1244, as already at the start of this week when we identified a three wave decline to 1226. So far there is a nice bullish structure from Feb 22 low, which looks like an extended structure so ideally it’s red wave iii) of a five wave move that can continue to 1258-1260 in the next few sessions. In the mean-time we need to be aware of a fourth wave retracement, back to 1247 where a new bounce may occur, while invalidation level at 1240 should stay untouched.
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