On May 9, MacroView issued a short idea on AUDUSD and highlighted the strong correlations with copper and gold, which we would see the trifecta fall 2.93 percent, 4.90 percent and 6.68 percent respectively.
We've seen all three etch out bottoms in early June, yet copper is retesting those lows on unexpected increases in inventories. The AUDUSD went big following...
OPEC meeting is just around the corner and Oil is pounding on the 50$ resistance zone for almost a week now.
Rising Wedge, AB=CD pattern and a Weekly Structure Zone will try to prevent Oil from climbing higher
Tomer, The MarketZone
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Here we have a Wolfe Wave for Crude Oil, CL1!. Price broke the 1-3 trend line but did not quite reach 5'. Therefore, we look at the 1-4 line as a target. The arrow pointing to the 1-4 line does not signify the path price will be taking. It is simply a visual tool.
I should also mention, I do not have a stake in Crude Oil. I am comparing the movement of this...
There is a similar pattern/structure of movement of the US-OIL from 2006/2007 and 2015/2016.
LH, HH, LL, LH, LL, HH
Could this be the next step before another crisis like in 2008?
The uptrend continues since CRUDE hit 30s. It looks like there is nothing much to keep it lower than 50 this week. Maybe even 53+
Best position would be to go long around 48.50 and TP around 51 but that may be risky. Your call :)
Good luck.
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Tomorrow, members of OPEC will meet in Vienna, and it is unlikely there will be any policy shifts. Despite the dire straits some OPEC members are in, such as Venezuela, the current crude production policy will likely remain until Iran and Russia agree to some sort of production resolution.
MacroView has been overly bearish since June 2014 but indicating that the...
