Yesterday, the Us Dollar continued to pullback but could not go beyond the support level 116.15. We expect the level 116.54 to have marked the end of the correction, and that the current upward rally is the continuation of the impulsive rally to the upper side. This upward rally is highly anticipated since Euro, and the cable, negatively correlated pairs , are pretty much bearish and will head to the lower side. Expect an exact similar wave count USD/CHF, USD/CAD, CAD/JPY and NZD/JPY. The latter pairs have a strong positive correlation to USD/JPY and will have a similar price action during this intraday.
Trade Recommendations:
Remain long with the first target at 121.00 and the next target at 124.00
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
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Bob Stan
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