Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: DASH/USD retraces dip below 400 mark, close below 200-DMA keeps scope for downside

  • DASH/USD hit 3-month lows at 367 levels before paring some losses to currently trade at 420 levels.
     
  • The pair has shown a decisive close below 200-DMA which keeps scope for downside.
     
  • Technical studies are highly bearish. 5 and 20 DMA are sharply lower. Bollinger bands are widening.
     
  • Stochs and RSI show bearish momentum and MACD is deeply in negative territory. We see -ve DMI dominance and ADX supports trend lower.
     
  • Price action is hovering around 88.6% Fibo at 408 levels, finds next major support at 252.50 (Nov 2nd low).
     
  • On the flipside, retrace and close above 200-DMA could see test of 20-DMA at 710.
     
  • Breakout above 750 levels (100-DMA) invalidates bearish bias.

Support levels - 408 (88.6% Fib retrace of 252 to 1625 rally), 310 (Nov 12 low), 252.50 (Nov 2 low)

Resistance levels - 517 (200-DMA), 523 (5-DMA), 546 (78.6% Fib retrace of 252 to 1625 rally)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-DASH-USD-trades-with-bearish-bias-eyes-200-DMA-at-510-1130037) has hit all targets.

Recommendation: Book partial profits, trail stop loss to 580, watch out for close below 200-DMA for weakness. Target 430/ 408/ 310.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.