S&P500 (cash) 1h counts
Always when we are waiting on risk-on trade set-up, we want to be long on one of the strongest currencies. Based on current »market correlation« chart AUDUSD is one of the weakest now, while GBPUSD and NZDUSD are acting quite well.
Market Correlation 4h
GBPUSD is showing a sideways price action, possibly a triangle in wave (iv) with wave e) pull-back yet to come. This pair is bullish while 1.6160 support is not breached.
With higher S&P prediction I still think that long opportunities will come on NDZUSD that is showing a corrective fall from Sep 14. Unfortunately we do not have enough price data to call end of that move but if recovery will be impulsive, towards 0.8290 or higher, then we will be ready to pull a Long trigger. A fall back below 0.8170 will put complex correction in play.
Talk to you soon! Grega