Wave Analysis
The US Dollar is currently trading within a contracting wedge formation, this is the correct time to trade reversals, if the price approaches the upper trendline, look for sell orders and if price bounce off from the supportive trendline, we’ll consider a buy order. A break above the upper trendline will mean we’re continuing to the upperside towards 114.00 and a break below the lower trendline will mean we’re continuing to the lowerside with an ultimate target at 105.135. if this target is broken, then further momentum towards 100.00 is expected.
Trade Recommendation:
Wait for a bounce from the upper trendline to pick a sell order.
Origin: FreshForex
