Wave Analysis:
Instead of going short as previously forecasted, the cable continues to retrace to the upper side but is currently rallying around our key sell zone 1.2741-1.2578. Unless there’s a clear breakout above this zone, we choose to remain jittery about holding or executing long positions, instead, we expect a possible rebound around this zone to short the impulsive wave (5) towards 1.10. That said, now is the best time for the day traders to pick low risk sell orders on this pair. Expect a similar wave count in EURUSD, NZDUSD, and AUDUSD. This pairs will have a similar price action during this intraday.
Trade Recommendations:
If if you’re not short already, wait for a clear rebound around 1.2741-1.2578 to go short with an ideal target at 1.10
Origin: FreshForex
