FxWirePro: DASH/USD breaks strong support at 50-DMA (967), bias lower, stay short

• DASH/USD has shown a decisive break below strong support at 50-DMA at 967.92.
   
• The pair hit session lows at 858 before paring some losses to currently trade around 900 levels.
   
• Momentum studies are bearish, RSI is now biased lower. -ve DMI is on verge of crossover on +ve DMI.
   
• Price action has dipped below daily Ichimoku cloud and we see scope for further downside.
   
• Break below 50-DMA has raised scope for test of 61.8% Fib at 691 levels.
   
• On the higher side, break above 5-DMA to see next major resistance at 20-DMA at 1065.
   
• We see bearish invalidation only on breakout at 20-DMA while could then see resumption of upside.

Support levels - 870 (50% Fib retrace of 115 to 1625 rally), 691 (61.8% Fib), 651 (Dec 10 low)

Resistance levels - 973 (50-DMA), 979 (5-DMA), 1048 (38.2% Fib), 1065 (20-DMA)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-DASH-USD-finds-strong-support-at-943-100-DMA-good-to-go-short-on-break-below-1092504) has hit TP1.

Recommendation: Bias lower. Hold for further downside. Next bear targets 760/ 690.

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