Wait for a pullback to the zone 134.76-134.61 | 25 August 2022

Technical observation

USD rose to the resistance level 137.96 then bounced at it and since then it has been trading with an increasing bearish bias. This downwards movement is a correction to the zone 134.76-134.61 and I expect price to decline and bounce within it, right now I would recommend that you remain neutral and wait for a correction to the zone mentioned above then buy a bounce within it with your take profit at 137. 96 and stop-loss at 133.45. In case of a break above the level 137.96, continue long after a pullback to it but should there be a clear break below the zone mentioned above, wait for a correction and a rejection of price within it before you pick short positions.

Trade recommendation

Remain neutral.