Wave Analysis:
Since the previous trading day’s forecast, there is still no significant move towards of direction. The upward rally that began yesterday is a mere correction of the impulsive wave (c) and should not go beyond 1.1680, where we’ll be looking to resell the impulsive wave (c) with our target still fixed at 1.1120. If the price can break above 1.1680, then the anticipated bearish price rally may be invalidated; and could mean that the price will rise towards 1.1873 or even higher. The anticipated bearish price rally is merely the continuation of the corrective three wave cycle and may ultimately break below 1.1120. This pair should be traded alongside GBPUSD, NZDUSD and EURAUD. These pairs have a strong positive correlation and will move in the same direction.
Trade Recommendations:
We’re still short with our previous target still fixed at 1.1120.
Origin: FreshForex
