We are neutral | 30 March 2022

Technical observation

Yesterday USD declined as I had anticipated and today I expect a further surge to the lower side. The anticipated bearish movement of price is a correction to the supportive zone 118.75-118.45 and I expect it to decline up to the zone followed by a bounce within it. My advice, remain flat and wait for a correction to the zone I have mentioned above then buy a bounce within it with your take profit at 123.83 and stop loss at 116.08. If price breaks above the level 123.83 with a big green candle, I expect a further momentum to the upper side, on the other hand in case of a break below the zone 118.75-118.45, I expect USD to plummet towards 113.47.

Trade recommendation

Remain neutral.