Elliott waves analysis – We are buyers towards 1.2280.


Wave Analysis;

This pair is currently trading in a contracting wedge formation just like the Euro. Previously the price rallied from the corrective wave cycle two towards the upper trendline at the impulsive wave cycle three but bounced back to the lower trendline at the corrective wave cycle four. I expect a bullish momentum towards 1.2280 in continuation of the impulsive wave cycle five. However, should the price break below the lower trendline, then we will become sellers but as of now we are buyers.

Trade Recommendations:

We are buyers towards 1.2280.

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