We're long | 25 October 2016

Wave Analysis:

As previously anticipated, following the rebound from the lower trend line, the impulsive wave (E) traded long but is yet to reach our target resistance trend line. Today, we expect to continue long for the better parts of this intraday but only up to the upper trend line, any clear breakout above this trend line will push the price to the upper side with the next ideal target around the short term resistance zone. Trade this pair alongside 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:

Remain long with an ideal target at $1.2436