Wave Analysis:
The US Dollar is stagnating above the upper resistance trend line. We’re still hesitant to trade this pair, we’re waiting for a possible trade ahead of the NFP new release. But as long as the price remains above this trend line, we’re only interested in a long position towards 123.00 or even higher. But if the price can get below, then we will be continuing short with the impulsive wave (E) to the lower side but should not go beyond the lower supportive trend line. This pair will have a similar price action to CADJPY, NZDUSD. These pairs have a strong positive correlation and will move in the same direction today. Only buy or sell the us dollar if the other pairs are giving the same signal.
Trade Recommendations:
On the sidelines.
Origin: FreshForex
