Waiting for a clear bullish rebound from 1.2343 to rebuy the green bar | 21 Marzo 2017

21 Marzo 2017, GBP/USD

Waiting for a clear bullish rebound from 1.2343 to rebuy the green bar

Wave Analysis:

Yesterday, the cable got rejected from a key pivot level 1.2414, headed straight to the lower side but is currently rallying around a key demand zone 1.2343-1.2358. Unless there's a clear break below this zone, we choose to remain flat momentarily and expect a possible bullish rebound from around 1.2345 to continue long with the impulsive wave (5) with our first target at 1.2414 and the next target at 1.2725. Alternatively, even after a rebound from 1.2345, conservative traders should wait for a break above 1.2414 to confirm the continuation of the upward rally towards 1.2725. Expect a similar wave count in GBPHKD, EURUSD, AUDUSD and NZDUSD. These pairs have a strong positive correlation of up to +85% and will have a similar price action during this intraday.
Trade Recommendations:
Expect a possible rebound from 1.2345 to go long with the first target at 1.2414 and the next target at 1.2725. Alternatively, conservative traders should wait for a clear break above 1.2414 to go long towards 1.2725. Sell positions may only be recommended below 1.2345 with a target at 1.2182

FreshForex cancels commissions!

Bob Stan
¿De acuerdo con la revisión?
Opinión de los comerciantes:
Close
Iniciar sesión
Su navegador no admite cookies. Si la cookie está desactivada en su navegador de Internet, es posible que tenga problemas con la representación del área Personal. Cómo habilitar el soporte para cookies.