Wait | 29 December 2020

Technical observation

Yesterday price did not rally downwards as I had predicted, instead it rose and penetrated above a resistance zone 103.69-103.73 with a big green candle, it is currently trading with an increasing bearish bias and I expect a loss of this bearish movement within the above mentioned zone for a momentum to the upper side. My advice, remain flat temporarily and wait for a bounce within the zone 103.69-103.73 to buy USD with your take profit at 104.70 and stop loss at 103.43. On your way upwards the key levels to look for include; 104.70, 105.56 and 106.68. Only bullish positions can be recommended.

Trade recommendation

Wait for a bounce within 103.69-103.73 to buy USD.