Wave Analysis:
The previous trading week saw the US Dollar, go as low as 108.543 but ended up closing just a few pips below its opening price. The previous week’s candle is a perfect bullish pin bar candle, just that its closing above the key level 108.542. We expect the recent bounce from this zone to have marked an end to the immediate corrective three wave cycle, that any clear buy signal will mean we’re heading up towards 114.133. Conservative traders can wait for place around 108.543 to pick buy orders, or wait for a break above 110.565 to confirm that we’re up towards 114.133. A break below 108.543, will need a confirmation that we’re short with an ultimate target at 104.340. As it is, only buy positions looks ideal and can safely be recommended buy only from 108.543.
Trade Recommendations:
Wait for a buy signal around 108.543.
Origin: FreshForex
