Wave Analysis
Instead of continuing short as previously forecasted, this pair rallied even higher and even ended up above 1.1743-1.1732, this is a possible bullish signal, and as long as the just broken zone is not violated to the lower side, we expect this zone to shield the lower side. If the price can pullback lower to the zone, then this will a good place to pick a long position. Ideally, we expect further bullish momentum towards 1.1923 and could break higher towards 1.20. This pair will have a similar price action to NZDUSD, EURAUD, EURCHF and an exact opposite price action USDJPY, USDCHF and CHFJPY. While you’ll be looking to buy the first three pairs, look for sell orders on the last three.
Trade Recommendations:
Buy this pair around 1.1743-1.1732.
Origin: FreshForex
