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USOUSD 3 Aug 2023

USOUSD 3 Aug 2023 on the H4 timeframe. It can be seen that this commodity managed to break R2 earlier this month. It was above the kumo cloud on the ichimoku indicator and briefly touched 82,446 before finally going bearish due to overbought. For now this commodity is at the position of 79,538. if referring to the stochastic indicator, it looks like there has been oversold which allows a trend reversal to occur. If it does happen then go-long could be an option for traders. However, if this commodity is unable to bullish and continue the bearish trend then go-short is an option. Stay alert to market changes and trade with your own risk.

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