Wave Analysis:
As anticipated, the Us Dollar pulled back to the lower side, but could not go beyond the supportive zone 114.80-114.48, unless there’s a clear break below 114.48, we expect a possible rebound from this zone to buy the next motive wave (5) towards 121.00 or even higher to 124. Ideally, as long as the pair remains above 114.80, expect a possible bullish wave count towards 124.00. Any clear break below 114.48 will culminate into a strong decline towards 113.39 or even lower. Expect a similar wave count in CAD/JPY, NZD/JPY, AUD/JPY EUR/JPY and an exact opposite wave count in GBP/USD, EUR/USD, NZD/JPY and AUD/USD.
Trade Recommendations:
Expect a possible rebound from 114.80 to go long with the first target at 121.00 and the next target at 124.00. Sell positions are only recommended below 114.48 with an ideal target at 113.39.
Origin: FreshForex
