Few days a ago, we witnessed a minor correction of the impulsive wave (c), when the price broke below 111.94 but then retraced back to it almost a day after breaking below it. We expect the downward rally that began on Friday the previous trading day to be the unfolding of the impulsive wave (c) and should not go below 100.54. Expect a similar wave count in CHFJPY, CADJPY and NZDJPY. These pairs have a strong positive correlation of up to +70% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bearish price rally towards 100.54
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