Wave Analysis:
Few days ago, after end of the first impulsive wave (a) around 1.3027, we saw a possible flag formation but the price could not go above the flag 1.3299, instead, the pair accelerated downwards and even went below the lower supportive trend line. This is a possible bearish continuation signal, and means we could be short for the better parts of today. Thus, we’re looking for a possible sell position ahead of the US nonfarm payrolls news release today. If the price can give us a clear sell signal today, then we’ll be continuing short with the impulsive wave (c) towards 1.2925. This pair should be traded alongside GBPHKD, NZDUSD and GBPHKD. These pairs have a strong positive correlation and will move in the same direction today.
Trade Recommendations:
Look for short position towards 1.2952
Origin: FreshForex
