Yesterday, the pair formed a double top around the resistance level $103.92 as previously forecasted and is currently headed to the lower side. As long as the pair trades below $103.92, we expect a bearish impulsive rally towards $101.73 or even lower. In the meantime, we are waiting for a clear breakout below the short term support level $102.96 to give us the green light to continue short. We hope to trade this pair alongside USD/CHF and EUR/JPY. These pairs have a strong positive correlation of up +86% and will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible bearish price rally towards $101.73. Conservative trader should wait for a clear breakout below $102.96 to go short.
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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