We're flat | 09 March 2021

Technical observation

USD is still trading with an increasing bullish bias; however, I expect bearish movements to the supportive zone 104.66-104.97. This anticipated bearish rally is a retracement to the zone mentioned above and I expect a loss of it within the zone for a momentum to the upper side. My advice, remain flat and wait for a correction to the zone 104.66-104.97 and a bounce within it to buy USD with your take profit at 114.80 and stop loss at 102.20. In case of a clear breakout below the zone 104.66-104.97 with a big red candle, wait for a correction to it and a bounce before you short USD towards the supportive line 96.23.

Trade recommendation

Remain flat.