waiting for a buy | 03 اكتوبر 2017

Wave Analysis:

Despite yesterday's forecast that the corrective wave (2) could end around 1.3252, this correction extended a bit lower and could fall even further. That said, today, we expect a possible extension of this corrective wave count, but should not go beyond the daily support level 1.31803 where we'll be looking to re-buy the impulsive wave (3) at the least risk possible. As long as this support is not violated, we expect a possible rebound from this level to buy this pair with an ideal target at 1.40. If the support 1.31803 is broke, then a bearish momentum towards 1.27735 will be inevitable. This pair will have a similar price action to NZDUSD, AUDUSD, and EURNZD. These pairs have a strong positive correlation and will move in the same direction.

Trade Recommendations:

Wait for a rebound around 1.31803 then buy this pair with your target at 1.40