Earlier today, the US Dollar rebounded perfectly from the resistance level 115.38, headed short and is currently below 114.80. This level acted as a key supply level on Jan 13th 2017 and will likely act as a key supply level as long as the pair remains below it. Thus, during this trading we expect a touch of the support level 114.01 or a possible break below it. This view can only be invalidated in case the pair end up above 115.38, if this is the case, then an acceleration to the upper side is inevitable. Expect a similar price action in CADJPY, NZDJPY, and USDCHF. These pairs have a strong positive correlation of up to +89% and will have a similar price action during this intraday.
Trade Recommendation:
Wait for minor pullbacks to the upper side to go short with the first target at 114.01 and the next target at 112.54. Buy positions may only be recommended above 115.38 or upon a clear rebound from 114.01
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