We're neutral | 22 June 2021

Technical observation

USD penetrated above a resistance level 110.32 with a big green candle then rose for some time, right now price is trading with an increasing bearish bias above the level I have mentioned above, this bearish movement is a correction to the line 110.32 and I expect a rejection at it to pick long positions. My advice, remain neutral temporarily and wait for a correction to the line 110.32 and a bounce at it to buy USD with your take profit at 110.77 and stop loss at 110.15. In case of a clear break above the level 110.77 with a big green candle, I anticipate a further momentum to the upper side after a retracement to the broken line.

Trade recommendation

Remain neutral temporarily.