Sell USD within 108.86-108.68 | 29 July 2019

Technical observation

USD has been correcting to the resistance zone 108.86-108.68; price was rejected within the zone and is now showing signs of declining towards the key level 106.82. My advice, sell USD now within the zone 108.86-108.68 with your take profit at 106.82 and stop loss at 109.59, if this take profit is hit and there’s a clear breakout below it with a big red candle, continue short with USD after a correction to the just broken line. On the daily chart above, long positions may only be advisable above the zone 108.86-108.68 should there be a clear breach above it with a big green candle followed by a pullback to it.

Trade recommendation

Sell USD within 108.86-108.68 with your take profit at 106.82 and stop loss at 109.59.