Ichimoku analysis (Daily chart)
Tenken-Sen- 0.92070
Kijun-Sen- 0.920980
Previous week low – 0.91424
Yesterday's high- 0.927147
The pair is trading higher and made higher high daily on board-based US dollar buying. The upbeat economic data and hawkish US Fed is pushing dollar prices higher. US ISM manufacturing came at 60.6% slightly below expectations of 61. The number of people who have filed for jobless benefits declined to 364K compared to a forecast of 388K. DXY breaks yesterday's high and hovering around that level. Markets eye US Non-Farm-payroll data for further direction.
Trend- Bullish
The near=term resistance is at 0.92750, breach above will take the pair to 0.9300/0.9360. On the lower side, near-term support is around 0.9230. Any convincing breach below targets 0.9200/0.9180/0.9140. Significant selling will happen if it breaks 0.8920.
Indicator (Daily chart)
CAM indicator –Bullish
Directional movement index –Bullish
It is good to buy on dips around 0.92480-50 with SL around 0.92000 for a TP of 0.9360.
