Ichimoku analysis (4-hour chart)
Tenken-Sen- 0.91555
Kijun-Sen- 0.91592
Previous week High– 0.92676
Previous week low- 0.91330
The pair is consolidating in a narrow range between 0.92715 and 0.91179 for the past two weeks. The board-based US dollar buying is supporting the pair at lower levels. The intraday trend is neutral as long as 0.9200 intact. But overall bias remains on the downside as long as resistance 0.92750 holds. US weekly jobless claims came at 360k vs. 350k expected. The Philly Fed manufacturing index declined to 21.9 compared to an estimate of 28. The US 10-year yield hits fresh weekly lows lost more than 7.5% after Fed Chairman Powell's testimony.
Trend- Neutral
The near-term support is around 0.91219, 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 – Neutral
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.
