Corrections | 04 Juli 2017

Wave Analysis:

Perfectly as previously anticipated, the corrective three wave cycle extended lower with the impulsive wave (a) still looking bearish. During this intraday, we expect a possible extension of the impulsive wave (a) to the lower side but should not go beyond 1.1280. A break below this level will mean waiting for a break below 1.1254 to confirm a possible bearish price rally towards 1.1103. A rebound 1.1280 will mean waiting for a the corrective wave (b) to end slightly below 1.1441 to short the last impulsive wave (c) with an ideal target at 1.1103. Expect a similar price action in GBPUSD. AUDUSD and EURHKD. These pairs have a strong positive correlation and will move in the same direction during this intraday.

Trade Recommendations:

Expect a possible bearish price rally towards 1.1103