- DASH/USD is consolidating break below 100-DMA, momentum studies bearish.
- Upside in the pair capped below 5-DMA, the pair is resuming downside after failing at session highs at 700.
- Technical studies support downside in the pair. 5 and 20 DMA are sharply lower.
- Stochs and RSI show bearish momentum and MACD is deeply in negative territory.
- 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 809.
Support levels - 605 (lower BB), 600 (Nov 29 low), 546 (78.6% Fib retrace of 252 to 1625 rally)
Resistance levels - 713 (5-DMA), 776 (61.8% Fib), 809 (20-DMA)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-DASH-USD-breaks-below-100-DMA-at-735-good-to-go-short-on-rallies-1124580) is progressing well.
Recommendation: Bias lower, stay short.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
