Wave Analysis:
This week, The Us Dollar pulled back to the upper side but could not go beyond the daily resistance zone 111.09-110.71. This is a key resistance zone and as long as the price remains below it, we expect it protect the upper side, if it can be violated especially with a big candle, then a possible bullish price rally towards 118.00 will be inevitable. However, as it, the current chart set up and structure is pretty bearish and buying or holding onto a long position in this pair may not be the best choice. While we’ll be looking to short this pair, look for similar positions in other pairs such as GBPAUD, GBPCHF and NZDUSD. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Remain short towards 108.90
Origin: FreshForex
