Ichimoku analysis (4-hour chart)
Tenken-Sen- 0.91718
Kijun-Sen- 0.91956
Previous week High– 0.92676
Previous week low- 0.91330
The pair has shown a minor recovery after upbeat US inflation data. . The US CPI m/m came at 0.9% and 5.4% in June from a year earlier, the highest level since 2008. The overall trend is still bearish as long resistance 0.92750 holds. Markets eye US PPI data today and Fed Chairman Powell speech for further direction. The US 10-year yield recovered more than 15% from a low of 1.25%.
Trend- Neutral
The near-term support is around 0.91219, the breach below will take the pair to 0.9059/0.9000. On the higher side, immediate resistance is around 0.9200. Any convincing breach above targets 0.9238/0.92750.
Indicator (4 Hour chart)
CAM indicator – Bullish
Directional movement index –Neutral
It is good to sell on rallies around 0.9180 with SL around 0.9238 for a TP of 0.9050.
