As anticipated, the corrective three wave cycle, went a bit lower than expected and even broke below the supportive level $102.96. The impulsive wave (c) could be headed lower but should not go lower than $101.79 during this intraday. In the meantime, we wait for minor corrections towards $103.08 to give us low risk sell opportunities. We hope to trade this a pair alongside EUR/JPY, USD/CHF and USD/ZAR. These pairs have a strong positive correlation of up to 86 % and will have a similar price action during this intraday.
Trade Recommendations:
As long as the pair trades below $103.03, remain short with an ideal target at $101.79 and the next target at $100.24
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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