Wave Analysis:
Following the rebound from the supportive zone, 114.97-114.47, the US dollar rose to the upper side and is still showing signs of momentum to the upper side. The current chart set up and structure shows signs of potential bullish momentum and will likely trade long for the better parts of this intraday, thus, selling or holding onto sell orders is futile and could be disastrous in the long run. We’ll only be interested in going short upon a clear rebound around 121.00-124.00, in the meantime, we hold onto a bullish bias sentiment in this pair. Expect an exact opposite wave count in GBPUSD, NZDUSD, AUDUSD, EURUSD and a similar price action in NZDJPY, AUDJPY, and CADJPY.
Trade Recommendation:
Remain long with the first target at 121.00 and the next target at 124.00
Origin: FreshForex
