We see a drop on crude oil from 130 area as a five-wave impulse into wave A that can be coming to an end around 62 - 57 temporary support area. Current strong drop in the 4-hour chart which can be also considered as a spike into new lows, we see as a final wave (5) of A, so be aware of a corrective recovery into a higher degree wave B soon.
The price moved over 100pips in our favour since the counter-trend opportunity (see link below for reference purposes) before what appears to be a gradual change in structure that supports completion of a Reversal pattern. Recall that I warned against factors that might disrupt the previous set-up thereby giving way for a rally continuation (see my penultimate...
Price broke out of Key level @ $1.32850 to negate my previous speculation (see link below for reference purposes) to find new highs. The GBPUSD had a negative start to the trading session on Friday, doing a correction into the $1.34800 level. I am seeing this level as a temporary Demand zone that might be a good sign that an uptrend continuation is in the air! ...
These are possible future moves of EURNZD. Don't forget that corrective structures are very complex and they can develops in various types of patterns, so i don't expect market goes completely in the way i anticipate, but maybe this is the best labeling based on price action we have right now. This long term analysis is not a trade setup. It is just an analysis...