Remain flat | 13 July 2020

Technical observation

On the weekly chart above, price is trading with an increasing bearish momentum above a supportive level marked around 104.65. I expect this movement to continue to the level followed by a clear breakout below it with a big red candle for a further surge to the lower side. My advice, remain flat with this pair and wait for a clear breakout below the line 104.65 and a correction to it to sell USD. On your way downwards, the key levels to look for are; 96.81, 87.36 and 80.39.On the weekly chart above, as long as price is contained below the resistance zone 114.32-113.97, I can only recommend short positions.

Trade recommendation

Remain neutral.