Forex Technical Analysis: Trend potential – Wait


Technical observation

USD is trading with an increasing bearish bias below a resistance level 144.81 and as long as it is contained below this line, I expect price to surge further to the lower side. The anticipated downwards movement is a correction to the supportive level 139.21 and I would recommend that you remain neutral and wait for a pullback to this level then pick bullish positions at it after a bounce with your take profit at 144.81 and stop-loss at 137.52. If there is a clear break above the level 144.81, I expect the value of USD to ascend further after a correction to the broken line; I can only recommend short position below the level 139.21.

Trade recommendation

Wait for a correction to the level 139.21 to buy USD.

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