Wave Analysis:
During the previous trading day, a bearish break was seen when the US Dollar went below the lower trend line and is still pretty much below it. As long as this trend line protects the lower side, we expect a possible bearish price movements towards 111.05 or even lower. The upper resistive trend line held the price perfectly below it, and if the price can pullback towards it, then this will be an ideal selling place. Of cause, a break above it will call for a long position towards 114.15. This pair has a strong positive correlation to HKDJPY, AUDJPY, NZDJPY and CHFJPY. These pairs have a strong positive correlation of up to +71% and will move in the same direction today.
Trade Recommendations:
Look for a long position towards 1111.05
Origin: FreshForex
