The US dollar continues to correct to the upper side despite our expectation to continue short. We expect the previous day's bullish price rally to be a mere correction of the impulsive wave (c) and should not go beyond the daily resistance line 111.94 from where we'll be looking to short US dollar towards 104.00. The anticipated bearish price rally is the continuation of the impulsive wave (c) towards 104.00. This view can only be rendered futile in case the pair end up breaking above 111.94, if this is the case, then an acceleration towards 115.04 is anticipated. Expect a similar wave count in CADJPY, CHFJPY and AUDJPY. These pairs have a strong positive correlation of up to +68% and will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible rebound from 111.94 to sell the US Dollar towards 104.00
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