Instead of going massively short as expected during the previous trading week ending 23th December 2016, the pair retraced to the upper side and even ended above 1.0427, as long as the pair trades above this level on the 4Hour chart, we expect a possible acceleration to the upper side with the first target at 1.05313. The anticipated upward rally is the continuation of the impulsive wave (c) but should not go beyond 1.0646. Although an acceleration to the upper side is highly anticipated, we cannot rule out the possibility of breaking below 1.03999, if this is the case, then an acceleration to the lower side is inevitable. Expect an exact similar wave count in GBPUSD, EUR/AUD, and exact opposite wave count in USDJPY, USDCHF, CADJPY.
Trade Recommendations:
We're looking for potential long positions as long as the pair remain above 1.0427 with an ideal target at 1.0531. Sell positions are only ideal below 1.03999.
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