(TROUGH BASED ANALYSIS)
We can see a rising wedge in price action as well as the RSI, pointing to the 40 day peak being established and we should now be moving towards the 40 Day trough. Today we are 28 days into the cycle which makes the 40 Day trough imminent.
20 day FLD has a median price of 1631.24(Cross point) for 14.04.2020, if the pivot Point is todays high(as of now) of 1691.29, this gives us a target of 1571.19 for the 40 Day trough.
10 day FLD has a median price of 1649.21, if the same pivot point of 1691.29 is taken, target is 1606.93 for the 40 Day trough.
Placing an Entry based on the most recent horizontal price support of 1640 (rounded off) and Aiming for the target based on the 20 day FLD ie 1571.19 (Being the True Cycle Target).
While the First Target will be around the Target given but the 10 Day FLD and The second Target will be the True Cycle Target based on
Day FLD (As In trading the 80 Day Cycle)
The broader trend is up (considering the trough analysis), I've marked the 18 month trough on 16th of March, and if this is the case, we can expect the True cycle target to maybe missed by a few point so have to stand gaurd to book profits!
Note : these targets are based on price action of Alpari International (my broker) and not Oanda, the chart you see above.