Expecting a rally towards 151.97. | 12 October 2023

Technical observation

USD is trading with an increasing bullish bias slightly below the resistance level 151.97 and today I expect a further surge to the same line followed by either a clear penetration above it with a big green candle or a rejection at it. If you are already holding bullish positions with this pair, remain in the trade and pick your profits at 151.97 ; should there be a rejection of price at the same level, wait for another correction to the supportive zone 138.75-138.22 to re-buy USD, on the other hand, if the price breaks above 151.97, I anticipate a possible further surge to the upper side after a retracement to the broken line.

Trade recommendation

Remain long with your take profit at 151.97.