Gold hit the resistance area on Friday that was highlighted in our analysis, and along with a big drop in oil prices, pushed Eur/Usd lower. The euro now starts the week around 1.4700. The market may try to trade lower this week if the price of gold and oil continue their decline, and that may be lead by sentiment initially, but fed by a week of important U.S. based economic data. The moves on the euro automatically equate to new highs on Usd/Chf which bounced from the trend-line support that we have been looking at in recent posts, on Friday. We have an update on the one hour chart swissy chart, and have gone to the weekly oil chart to really get to the bottom of the technical story on oil. After all, who needs headlines when we have daily Elliott Wave analysis on the movers of the market?
OIL
Most currency pairs are highly correlated with Oil and Gold, they have to be in the respect that over 90% of all currency tickets has the Usd on one side of then or the other, as the Usd is the currency that international markets price oil in, traders should be watching commodities closely to find the right way on euro or swissy trends. We have kept this chart simple because that is the way that we like most charts to be; we have four clear waves with wave five to come. The chart is looking for technical support in wave four on Oil, which should slow down the short moves on Eur/Usd and push the Usd/Chf lower. Before that, we may need to see...
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