Remain flat | 18 May 2023

Technical observation

USD rose to the resistance zone 137.70-137.36 as expected and even hit out take profit, right now the price is trading with an increasing bearish bias within the zone I have mentioned above and I expect a further surge towards the level 133.75 followed by a bounce at it. My advice, remain neutral and wait for a correction to the level 133.75 to re-buy USD with your take profit at 137.70 and stop-loss at 132.60. If the price rises above the zone 137.70-137.36 with a big green candle, wait for a correction to the broken zone and a rejection within it before you continue long towards 139.90.

Trade recommendation

Remain flat.