Elliott waves analysis – We are buyers towards 136.05


Wave Analysis:

The US Dollar is currently trading in a contracting wedge formation, recently the price rebounded to the upper trendline at the impulsive wave cycle three and rallied around but then bounced back to the lower trendline at the corrective wave cycle four. Right now the price is on the lower trendline, I expect a rebound towards the upper trendline around 136.05 in continuation of the impulsive wave cycle five. However should the price break below the lower trendline, then 135.30 would be a good place to pick a sell from.

Trade Recommendations:

We are buyers towards 136.05

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