Wave Analysis
As anticipated, the impulsive wave [5] traded long but could not go beyond the upper trend line forming top of the rising channel. Later the same day, 28th Oct 2016, the pair retraced relentlessly to the lower side and even broke below the 50.0 Fib level. We expect the next target to be the 61.8 Fib level; any breakout below this fib level will mean we’re headed towards the support level $104.16. In the meantime, buy orders are very much risky and buying this pair could be disastrous in the long run. We hope to trade this pair alongside usd/chf and EUR/JPY, these pairs will have a similar price action during this intraday.
Trade Recommendations:
Remain short with an ultimate target at $104.16
Origin: FreshForex
