On the weekly chart attached, the impulsive wave (5) continues to rally on the upper side but is yet to hit our target set along the upper resisitive trend line. As long as the lower support trend line is not violated, we expect a possible extension of the impulsive wave (5) to the upper side but should not go beyond the upper trend line . If this resistance is broken, then the price could rise even higher. This pair should be traded alongside EURUSD, AUDUSD, NZDUSD and GBPAUD. These pairs have a strong positive correlation and will move in the same direction.
We’re long with our target along the upper trendline.