Wave Analysis:
Despite our expectations to continue upwards, the corrective wave (iv) continues to rally to the lower side but should not go beyond 1.1161. A clear break below this level will push this corrective wave further to the lower side but should not extend below 1.1103 from where we’ll be looking to buy the impulsive wave (v) with an ideal target at 1.1398. Expect a similar wave count in EURAUD, GBPUSD, NZDUSD and AUDUSD. These pairs have a strong positive correlation of up to +87% and will move in the same direction during this intraday.
Trade Recommendations:
Wait for the current correction to end around either 1.1161 or 1.1103 then buy the impulsive wave (c) towards 1.1398.
Origin: FreshForex
