Wave Analysis:
Few day’s ago, the impulsive wave (5) ended around 1.2092, and could not extend even higher. We expect the bearish price rally that began on Monday these week to be a mare corrective wave count and should not go beyond 1.1671, where we’ll be looking to re-buy the impulsive wave (5) towards 1.22. If this correction extends below 1.1671, then we could see a possible bearish rally towards 1.0865. In the meantime, we’re flat temporarily and waiting for a clear buy place, or a short below 1.1671. While we’re flat here, we’ll also remain flat in GBPUSD, and other positively correlated pairs such as EURHKD and EURAUD. These two may have possible buys while we remain flat on the first pairs.
Trade Recommendations:
Flat
