We are neutral | 04 April 2022

Technical observation

Last week USD rose up to the resistance level 123.23 as anticipated but could not break above it, instead it bounced at the level and this week I predict possible bearish movements of price. The expected momentum to the lower side is a correction to the supportive zone this pair established at 114.15-113.67 and I expect a rejection of price within it to re-buy USD with my take profit at 123.23 and stop-loss at 111.08. In case of a clear breakout above the level 123.23 with a big green candle I expect the value of this pair to ascend further, however, should there be a break below the zone 114.15-113.67, I expect a surge to the lower side.

Trade recommendation

Remain neutral.