Wave Analysis:As expected, the cable rose during the previous trading day and even hit our first target take profit at 1.2730 and could likely head further to the upper side. Although we expect further bullish wave count towards 1.3020, we’ll only be interested in buying the pair upon a clear break above 1.2730. Any clear rebound around this zone could lead to a possible bearish price movement towards the lower trend line and even lower. Expect a similar price action in EUR/USD, NZD/USD, AUD/USD, GBP/HKD and an exact opposite price action in USD/CHF, USD/JPY, EUR/JPY, AUD/JPY. The latter pairs have a strong negative correlation of up to -89% with the first four pairs and will have an exact opposite price action during this intraday.
Trade Recommendations:
Wait for a clear breakout above 1.2730 to go long with an ideal target at 1.3020. A rebound from 1.2730 will call for short positions with the first target at 1.2037
Origin: FreshForex
