Wave Analysis
As previously forecasted, the second shoulder formed perfectly as forecasted and could not close beyond the resistance level 1.1253. During this intraday, we expect a possible bearish price rally to the lower side. The current downward rally is the unfolding of the impulsive wave (c) towards 1.1152 or even lower. Instead of going short immediately, we sit on the sidelines and wait for a breakout below the wedge formation to give us good sell opportunity. Expect a similar impulsive rally in AUD/USD and NZD/USD. These pairs have a strong positive correlation and will have a parallel price action during this intraday.
Trade Recommendation:
If you are not short already, wait for a clear breakout below the wedge to go short with an ideal target at 1.1252
Origin: FreshForex
