Remain flat | 24 September 2020

Technical observation

USD did not decline as I had predicted yesterday, instead it penetrated above a resistance zone 105.22-105.16 with a big green candle and is currently rallying above it with an increasing bearish momentum. If this bearish rally is rejected within the above-mentioned zone, it will confirm a possibility of bullish movements towards 106.16, however, if price is not contained within 105.22-105.16 and instead break below the same zone then the break above 105.22-105.16 was false and you can expect bearish rally after a correction to it. Right now remaining neutral with USD is ideal than picking any position.

Trade recommendation

Remain flat.