Expect rally to the upperside. | 05 September 2016

05 September 2016, GBP/USD

Expect rally to the upperside.

Wave Analysis:

As previously forecasted, wave (a) broke above the resistive trend line headed long as previously forecasted and still pretty bullish on the daily chart. We expect to continue long with the impulsive wave (a) but should not go beyond $1.3542. Instead of going long, we wait for price to retrace to the just broken trend line to give us low risk buy opportunities with an ideal target at $1.4114. Expect a similar rally in another positively correlated pair such as NZD/USD and AUD/USD. These pairs have a strong positive correlation and will have a similar price action during this intraday.

Trade Recommendations:

Wait for price to retrace back to the just broken level to go long with an ideal target 1.4114.

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.

Anjara

Facebook

Twitter

Bob Stan

FreshForex is a brand with a 20-year history, providing access to online trading for clients from 158 countries worldwide.
The company’s services are intended for adult users. If the use of these services violates local laws, you must immediately leave the website. The company does not provide services in the following countries.
Risk Warning: Trading financial instruments with leverage involves significant risks and may result in both profits and losses. Potential losses are limited to the amount of funds deposited. Before deciding to trade, clients should assess their risk tolerance, experience level, and knowledge.
We use cookies to improve your experience on our website.