Log in

Expect rally to the upperside.

05 September 2016, GBP/USD

Expect rally to the upperside.

Wave Analysis:
As previously forecasted, wave (a) broke above the resistive trend line headed long as previously forecasted and still pretty bullish on the daily chart. We expect to continue long with the impulsive wave (a) but should not go beyond $1.3542. Instead of going long, we wait for price to retrace to the just broken trend line to give us low risk buy opportunities with an ideal target at $1.4114. Expect a similar rally in another positively correlated pair such as NZD/USD and AUD/USD. These pairs have a strong positive correlation and will have a similar price action during this intraday.

Trade Recommendations:

Wait for price to retrace back to the just broken level to go long with an ideal target 1.4114.

Graham Osano
See also:
Agree with the review?
Traders' opinion:

Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.