Elliott waves for Forex correlation analysis – The US Dollar finds support just before 110.91

USDJPY – Down Wave Analysis: From yesterday’s forecasted, this pair hasn’t changed much, instead of going long, the US Dollar continues to retrace towards 111.72 but should not go beyond 111.09. Any clear breach of the support level 111.09 will no doubt culminate into bearish wave count towards 109.21 and possibly lower. A rebound from the zone 111.09-111.72 will mean we’re heading long with the impulsive wave (5) towards 121.33 but should not go beyond 124.25. Expect a similar wave count in HKD/USD, USD/CHF, USD/CAD, EUR/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +93% with usd/jpy and will have a similar price action during this intraday. Only buy or sell The US Dollar if the other pairs are giving the same signal. Trade Recommendations: Expect a possible rebound from the zone 111.72-111.094 to go long with an ideal target at 124.25.
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