Forex Technical Analysis: Trend potential – Remain flat.


Technical observation

USD has been on a steady upward trend for several weeks now and currently it is trading with an increasing bullish bias at the resistance level 143.83, however despite this upwards momentum I expect possible bearish movements towards the supportive level 130.62, the anticipated bearish movement is a correction to the line 130.62 and I expect a bounce at it to pick long positions with my take profit at 143.83 and stop-loss at 125.06. If there is a clear break below the level 130.62 with a big red candle, I expect price to surge to the lower side after a correction to the broken line. Right now I would recommend that you remain neutral.

Trade recommendation

Remain flat.

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