Wave Analysis
The cable pulled back slightly to the lower side but is still above the daily support level 1.32991. This pair is pretty much bullish on the weekly chart, however, the best place to buy this pair is upon a rebound from the daily support level 1.32991. Thus, instead of going long now, our suggestions is that a conservative trader should wait for further corrections to the lower side, especially towards 1.32991 where we’ll be looking for a long buy. This view can only be invalidated in case the price breaks below 1.32991, if this is the case, then a rally to the lower side is expected.
Trade Recommendations:
Buy the cable upon a rebound from 1.32991 with your take profit at 1.42460.
Origin: FreshForex
