On the sidelines | 24 Agustus 2017

Wave Analysis:

This pair continues to consolidate with a range not going above 1.18990 or below 1.16127. As long the price remains within this range, we choose to remain flat temporarily waiting for either break below or above to sell or buy depending on the direction of the breakout. If 1.16127 is broken, then a bearish acceleration towards 1.13354 is anticipated, but if a break to the upper side is seen, then a rally towards 1.2498 is expected. This pair will move perfectly in line with other positively correlated pairs such as GBPUSD, NZDUSD, AUDUSD and EURAUD. These pairs have a strong positive correlation of up to +63% and will move in the same direction during this intraday.

Trade Recommendations:

Flat