Remain flat temporarily. | 29 June 2020

Technical observation

USD is trading with an increasing bullish momentum towards a resistance zone 107.51-107.45. I expect a loss of this upwards movement within the above-mentioned zone for possible bearish price rally towards the supportive level 105.95 followed by a clear breakout below it for a further bearish momentum. My advice, remain flat temporarily and wait for a correction to the zone 107.51-107.45 and a rejection within it to pick short positions with your take profit at 105.95 and stop loss at 107.92. On the 4-hour chart above, I can only recommend bullish positions above the zone 107.51-107.45 towards the level 109.74.

Trade recommendation

Remain flat temporarily