- DASH/USD has shown a decisive break below 100-DMA at 735 levels, bias still bearish.
- The pair is trading in a narrow range on the day, having hit session high at 684 and a low of 642.
- Technical studies support downside in the pair. 5 and 20 DMA are sharply lower.
- Stochs and RSI show bearish momentum and MACD is biased lower.
- We see scope for test of 78.6% Fibo at 546 levels. Violation there could see further downside.
- Retrace and close above 100-DMA invalidates bearish bias. Scope then for test of 20-DMA at 826.
Support levels - 619 (lower BB), 600 (Nov 29 low), 546 (78.6% Fib retrace of 252 to 1625 rally)
Resistance levels - 735 (converged 5&100 DMA), 776 (61.8% Fib), 826 (20-DMA)
Recommendation: Good to go short on rallies around 680/ 690, SL: 740, TP: 620/ 600/ 550
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
