Wait | 10 November 2022

Technical observation

On the 4 hour chart above, USD pulled back to the supportive zone 145.47-145.10 then bounced at and rose up to the trend line as shown above where price was rejected and currently it is trading with an increasing bearish bias. My expectation is a correction to the zone mentioned above followed by a possible clear break below it with a big red candle. My advice is, remain flat and wait for a correction to the zone I have indicated above then wait for a pullback and a rejection within it to pick short positions. On your way downwards the key levels to look for include, 140.71, 135.78 and the lower supportive level 130.39.

Trade recommendation

Remain neutral.