As long as short term support at 93.75 protects the downside we could still see a move closer to 95.17, but from here or upon a close below 93.75 look for renewed downside pressure for wave v towards the ideal target at 88.53.
Monday, January 20, 2014
Crude Oil - As support at 93.75 protects the downside a little more upside is possible.
As long as short term support at 93.75 protects the downside we could still see a move closer to 95.17, but from here or upon a close below 93.75 look for renewed downside pressure for wave v towards the ideal target at 88.53.
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Hi EWS great to see you back in action
ReplyDeleteZAR looking like a bit of indecision setting in in 4hr maybe s/h/s looking for a hard break of 10.7890 or maybe just resting ? what do you think...
USDTRY maybe hopefully finding a top soon touched 88.6 FEX from 2.0199 to 2.1759 to 2.1123 whats your thoughts EWS
Best Regards jt
Hi JT,
DeleteI think we have a top in place in USD/ZAR. Over the last couple of weeks an ending diagonal has been developing and a break below 10.62 confirms the top.
It might become a small S/H/S top as you say, but it's to early to tell.
I think USD/TRY is stretch, but a break below 2.1554 is needed to confirm the top.
As I'm looking for more upside on USD I would be careful with this cross. Maybe EUR/TRY would be more interesting, but I think we could see 3.0929 here before a top might be in place.
Kind regards
EWS