EUR/AUD and Crude Oil Elliott Wave Analysis Update

Crude oil can be currently unfolding a corrective retracement, which can see support at the first support target, at 65.90 level, or lower near the 65.50 former swing low. A rally in minor five waves would suggest a completed correction and more upside to follow.

Crude oil, 1h

EURAUD made five-waves up from the 1.5775 lows, which can suggest a change in trend, in minimum three waves. We now see a completed five-wave rally at the 1.5953 level, and current sharp weakness as part of an unfolding correction, which can unfold three minor waves, and search for a bounce near the 1.5847 level.

EURAUD, 1h

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