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FxWirePro: DASH/USD breaks above 5-DMA, could see minor upside till 600

  • DASH/USD bounces higher from 3-month lows at 376 levels, closes above 200-DMA.
     
  • Intraday charts show some upside, price action has edges above major EMAs on hourly charts.
     
  • Technical studies are highly bullish. We see +ve DMI dominance and ADX supports trend higher.
     
  • Price action is hovering around 78.6% Fibo at 545 levels, break above finds next resistance at 600 (trendline).
     
  • On the flipside, retrace and close below 200-DMA could see re-test of 400 levels.

Support levels - 536 (5-DMA), 519 (200-DMA), 408 (88.6% Fib retrace of 252 to 1625 rally), 310 (Nov 12 low)

Resistance levels - 600 (trendline), 701 (20-DMA), 754 (100-DMA)

Recommendation: Good to go long on dips around 545, SL: 450, TP: 600/ 650/ 700.

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2018-11-21 00:50:31
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