As anticipated, the corrective three wave cycle, went a bit lower than expected and even broke below the supportive level $102.96. The impulsive wave (c) could be headed lower but should not go lower than $101.79 during this intraday. In the meantime, we wait for minor corrections towards $103.08 to give us low risk sell opportunities. We hope to trade this a pair alongside EUR/JPY, USD/CHF and USD/ZAR. These pairs have a strong positive correlation of up to 86 % and will have a similar price action during this intraday.
Trade Recommendations:
As long as the pair trades below $103.03, remain short with an ideal target at $101.79 and the next target at $100.24
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
VK
Facebook
Twitter
Telegram
Bob Stan
Login
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
