Expect a decline with a target at 1.1280. | 06 Juli 2017

Wave Analysis:

Perfectly as previously forecasted, the impulsive wave (a) extended lower but is yet to reach our target rebound level 1.1280. During this intraday, we expect a possible bearish price rally but should not go beyond 1.1280, a break below this level will mean waiting for a confirmed breakout below 1.1254 to confirm a possible bearish price rally towards 1.1101. This view can only be rendered futile in case the price fails to break below 1.1280, if this should be the case, then a possible bullish price rally towards 1.14 is highly likely. Expect a similar wave count in GBPUSD and NZDUSD. These pairs have a strong positive correlation of up to +70% and will move in the same direction during this intraday.

Trade Recommendations:

Expect a possible rally rally towards 1.1280.