Wave Analysis

Even after the previous week’s bullish pin, the cable is yet to show any significant move to the upper side, the cable is still below 1.3306 and may extend to the lower side. we expected a possible break above 1.3306 to pick a long position, however, as long as the price remains below 1.3306, we expect a possible momentum to the lower side, then anticipated bearish price rally is the continuation of the impulsive wave (c) and should break below 1.2885 towards 1.2171 or even lower. If you’re not short already, you could wait for a slight correction to pick a low risk buy.

Trade Recommendations:

We’re short below 1.3306 towards 1.2171.

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