After a massive correction to the upper side the US Dollar could not go beyond the daily resistance level 110.72, according to the previous forecast. As long as this level protects the upper side we expect a possible rebound from this level to pick short position with an ideal target at 102.68. The anticipated bearish price rally is the continuation of the impulsive wave (c) and could breakout below 102.68 towards 100.00. This view can only be rendered futile in case the level 110.72 is violated, if this is the case, then an impulsive bullish wave count towards 114.81 will be inevitable. This pair will have a similar price rally with CADJPY, AUDJPY, NZDJPY and CHFJPY. These pairs have a strong positive correlation of up to +71% and will move in the same direction duration during this intraday.
Trade Recommendation:
Sell the US Dollar around 110.72 with an ideal target at 102.48. If the price rise above 110.72, then look for a possible long position towards 114.81
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