Daily Elliott Waves Forecast: EURUSD, OIL, GOLD (18.03.22)

18 March 2022 Amega

The EURO closed 0.50% higher against the DOLLAR yesterday but the risk of ending its correction hints at a potential reversal downward. If wave (4) is finished trades should expect prices to deteriorate towards $1.0806. $1.11 is a major resistance for now.

OIL prices soared some 8% too, but the impulsive bearish structure from the top at $130/bbl suggest this might be a simple zigzag correction. Near-term price action sees more upside, however, it’s limited to 108/bbl and 112/bbl until proven otherwise.

GOLD saw a marginal upside of 0.85% only as it had a decent upside the day before, contrary to WTI. Despite being less bullish, the short-term downside seen in the charts today could be a simple correction. This might offer a short-term move towards $1962/oz and 1982/oz. Can they hold?

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