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FxWirePro: DASH/USD breaks below 100-DMA at 735, good to go short on rallies

  • DASH/USD has shown a decisive break below 100-DMA at 735 levels, bias still bearish.
     
  • The pair is trading in a narrow range on the day, having hit session high at 684 and a low of 642.
     
  • Technical studies support downside in the pair. 5 and 20 DMA are sharply lower.
     
  • Stochs and RSI show bearish momentum and MACD is biased lower.
     
  • We see scope for test of 78.6% Fibo at 546 levels. Violation there could see further downside.
     
  • Retrace and close above 100-DMA invalidates bearish bias. Scope then for test of 20-DMA at 826.

Support levels - 619 (lower BB), 600 (Nov 29 low), 546 (78.6% Fib retrace of 252 to 1625 rally)

Resistance levels - 735 (converged 5&100 DMA), 776 (61.8% Fib), 826 (20-DMA)

Recommendation: Good to go short on rallies around 680/ 690, SL: 740, TP: 620/ 600/ 550

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