#USDCAD,#EURCHF,#Oil Wave Analysis (7 July 2022)

Oil Near To Complete a Cycle Looking For A Bounce

Short term Elliott Wave view in Oil suggests the decline from 123.77 did 5 waves down ended an impulse as wave ((a)) at 101.56. Then market bounced building a corrective structure and ended wave ((b)) at 114.04. Oil has turned lower in wave ((c)) to complete a 3 swings structure to look for a double correction pattern.

Internal subdivision of wave ((c)) is unfolding as a 5 waves impulse structure. Down from wave ((b)), wave (i) ended at 104.52 and wave (ii) rally ended at 12174.25. Oil then resumes lower in wave (iii) towards 97.37 and wave (iv) rally ended at 102.11. We are looking to complete final leg lower wave (v). That will complete wave ((c)) and also wave W of the double correction. The subdivion of wave (v) is building an impulse. Wave i ended at 99.51 and wave ii rally ended at 101.69. Then it turned lower to 95.15 to complete wave iii and pullback in wave iv ended at 98.87. Now we are calling one more low below 101.69 to complete wave (v) of ((c)) of W and see a bounce. If market breaks above 99.51 before turning lower, wave ((c)) of W should be completed and we expect to corrective rally in 3, 7 or 11 swing before turning lower again.

OIL 30 Minutes Elliott Wave Chart

EURCHF Wave Analysis

• EURCHF broke support level 0.9975
• Likely to fall to support level 0.9850

EURCHF recently broke the key support level 0.9975 (former multi-month low from the start of March).

The breakout of the support level 0.9975 continues the clear multi-month downtrend and is aligned with the active impulse waves 3 and (3).

Given the strongly bearish euro sentiment, EURCHF can be expected to fall further toward the next support level 0.9850.

USDCAD Wave Analysis

• USDCAD reversed from resistance level 1.3075
• Likely to fall to support level 1.2965

USDCAD recently reversed down from the key resistance level 1.3075 (the previous monthly high from May and June).

The resistance area near the resistance level 1.3075 was strengthened by the upper daily Bollinger Band.

Given the bearish divergence on the daily Stochastic indicator, USDCAD can be expected to fall further toward the next support level 1.2965 (former top of wave (b) from the end of last month).

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