We're neutral | 30 April 2021

Technical observation

USD broke above a zone 108.43-108.35 then retraced to it and it was contained, It then rose for some time and is currently trading with an increasing bearish bias. I expect this downwards movement to continue to the zone I mentioned above followed by a bounce within it to buy USD with my take profit at 109.89 and stop loss at 107.89. Should there be a clear break above the line 109.89 with a big green candle, expect a further momentum to the upper side. As it is on the 4 hour chart above, I can only recommend short positions below the zone 108.43-108.35. As long as USD is sustained above 108.43-108.35, expect only bullish rally.

Trade recommendation

Remain neutral.