we are flat | 31 December 2021

Technical observation

This week, the value of the pair on the chart above rose above the resistance zone it established at 114.72-114.29 with a big green candle and as long as it is contained above this zone I expect further bullish movements of price. Right now I anticipate a slight rally to the upper side followed by a correction to the zone I have mentioned above. My advice, remain flat and wait for a correction to the zone 114.72-114.29 then buy USD within it after a bounce with your take profit at 123.23 and stop loss at 112.23. In case of a clear breakout above the key level 123.23 with a big green candle, further bullish movements can be anticipated.

Trade recommendation

Remain neutral.