Short orders for position traders | 05 اكتوبر 2017

Wave Analysis:

For almost half a year now, the corrective wave (4) extended slightly to the upper side but is still being contained below 1.19688. This level acted as a key support level in 2004 and now that the price is below it, we expect it to act as a resistance to any movements to the upper side, thus, as long as the price remains below this level, we're waiting for a clear sell signal to short the the impulsive wave (5) to the lower side. The anticipated bearish price rally should extend to the lower side and may breakout below 0.97732. This pair should be traded alongside GBPUSD, NZDUSD, AUDUSD, GBPAUD and GBPNZD. These pairs have a strong positive correlation and will move in the same direction during this intraday.

Trade Recommendations:

We're looking for a short position with our target at 0.97732