Still short | 22 December 2017

Wave Analysis:

During the previous trading day, little movements was seen towards the lower side. We still expect further bearish momentum to the lower side with our first target still set at 1.1673 and the next target at 1.1120. The anticipated bearish price rally is merely the continuation of the impulsive wave (c) to the lower side and may break below the last target set at 1.1120. On the contrary, should the price break above 1.1823, then we expect a possible bullish price movements but should not go beyond 1.1.2095, this upwards rally will be an extension of the impulsive wave (c) and should not break above 1.2095. This pair should be traded alongside EURHKD, EURSGD and GBPUSD. These pairs have a strong positive correlation and will move in the same direction.

Trade Recommendations:

Expect a possible bearish price rally towards 1.1120