Wave Analysis:
Few days ago, the cable formed a higher low when it pulled back to the lower side but failed to go below 1.3061. We expect the upward rally that began few days after the rebound from 1.3061 to be the unfolding of the inner impulsive wave (1) and the outer impulsive wave (E) but should not go beyond 1.4740 ultimately. If you’re a bit skeptic to long this pair now, you could wait for a breakout above 1.3477 to pick a low risk buy opportunity with your first target at 1.3300 and the next at 1.3477, if the last target is violated, then we expect further bullish momentum towards 1.4740. This pair will have a similar price action to AUDUSD, NZDUSD, GBPAUD and GBPNZD. These pairs will have a similar price action today.
Trade Recommendations:
We went long around 1.3061 and is still holding on towards 1.3470
Origin: FreshForex
