Wait for a correction to buy USD | 01 September 2022

Technical observation

On the 4 hour chart above price is trading with an increasing bearish bias at the resistance level 139.48 and as long as it is sustained below this zone I expect a continuation of this downwards movement to the supportive zone 136.51-136.26 followed by a rejection within it. My advice, remain neutral and wait for a pullback to the zone I have mentioned above then buy a bounce within it with your take profit at 139.48 and stop loss at 134.91, should there be a clear break above the level 139.48, I expect the value of USD to rally further to the upper side, but in case of a break below the 136.51-136.26, I anticipate bearish momentum towards the level 131.91.

Trade recommendation

Remain flat.