Wave Analysis
After an impulsive rally to the upperside during the previous trading day, the US Dollar is currently pulling back to the lowerside. As long as the price remains within the rising wedge formation, we expect nothing but a possible momentum, the current bearish price rally is the unfolding of a corrective wave count but should not go beyond the supportive trendline where we’ll be looking for a long term buy towards 110.00 or even higher. As it is, a break below the supportive trendline may push the price even lower.
Trade Recommendations:
Wait for a bounce from the supportive trendline to pick a long term buy.
Origin: FreshForex
