Only look for short positions in case the lower trendline is broken. | 17 August 2017

Technical Observations

Yesterday, Usd pulled back a little lower than expected but is still above the lower support trend line. Unless this trend line is clearly breached to the lower side with a big red candle, I expect a rejection from this trend line to long usd with my take profit still intact at 115.01. If this support trend line is broken, then I expect the price to plummet towards 106.13. On the weekly chart above, unless the price gets below the immediate trend line, long positions can safely be recommended.

Technical levels:

Resistance levels

R1: 111.491

R2: 111.312

R3: 110.116

Pivot

110.345

Support Levels

S1: 109.745

S2: 109.366

S3: 108.875

Trade Signal

Only look for short positions in case the lower trendline is broken.