The US Dollar continues to correct itself to the upper side despite our expectations to fall. We expect the upward rally that began few days ago to be a mere correction of the impulsive wave (c) and should not go beyond 111.58 from where we'll be looking for low risk sell opportunities. As long as 111.58 protects the upper side, we expect a possible bearish price rally upon a clear rebound from 111.58. The anticipated bearish price rally is the continuation of the impulsive wave (c) but should not go beyond 100.04. Expect a similar wave count in CADJPY, NZDJPY, CHFJPY and HKDJPY. These pairs have a strong positive correlation of up to +65% and will move in the same direction during this intraday.
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