Wave Analysis:
According to the 4 hour chart above, we’re waiting for a break below the daily support level 110.56 to short this pair with an ultimate target at 106.00, while. on the daily chart, this pair is already good for selling. Thus, if your did not go short based on the previous day’s sell signal, you could sell the US Dollar now, alternatively, you could wait for a break below 110.56 to short this pair. The US Dollar has a very strong positive correlation of up to +65% with USDCHF, USDCAD, HKDJPY and CADJPY. These pairs have a strong positive correlation and will move in the same direction today.
Trade Recommendations:
Sell the US Dollar below 110.56 with your target at 105.00
Origin: FreshForex
