On Friday the previous trading week, the corrective wave (b) extended higher but could not hit the highs of 1.12859. During this intraday, we still expect a possible extension of this correction to the upper side but should not extend above the end of the impulsive wave (v). Although this upward rally is highly anticipated if a bearish candle can show up below 1.12859, then this could mark a possible end of this correction and could push the price to the lower side. Expect a similar wave count in EURHKD, GBUSD, AUDUSD and NZDUSD. These pairs have a strong positive correlation of up to +85% and will move in the same direction during this intraday.
Trade Recommendations:
wait for minor corrections towards 1.12859 to short the impulsive wave (c) with an ideal target at 1.08649
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