Wave Analysis:
During the previous trading day, the Us Dollar opened at 111.909, went as high as 112.222 and as low as 111.472 but ended up closing at 111.883, just a few pips below it’s opening price. The previous day’s candle is a perfect indecision candle above a key daily support support level 111.787. As long as the price remains above this support level, we expect a possible rebound from this level to buy this pair towards 114.999. A breakout below this level may invalidate the anticipated bullish price rally and could culminate into a possible bearish price rally towards 108.40. Trade this pair alongside GBPUSD, EURUSD, AUDUSD and NZDUSD. These pairs have a strong negative correlation of up to -63% and will move in exact opposite price action during this intraday.
Trade Recommendations:
Wait for a rebound from 111.787 to long this pair towards 114.999
Origin: FreshForex
