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FxWirePro: DASH/USD consolidates 100-DMA break, momentum studies bearish, stay short

  • DASH/USD is consolidating break below 100-DMA, momentum studies bearish.
     
  • Upside in the pair capped below 5-DMA, the pair is resuming downside after failing at session highs at 700.
     
  • Technical studies support downside in the pair. 5 and 20 DMA are sharply lower.
     
  • Stochs and RSI show bearish momentum and MACD is deeply in negative territory.
     
  • 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 809.

Support levels - 605 (lower BB), 600 (Nov 29 low), 546 (78.6% Fib retrace of 252 to 1625 rally)

Resistance levels - 713 (5-DMA), 776 (61.8% Fib), 809 (20-DMA)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-DASH-USD-breaks-below-100-DMA-at-735-good-to-go-short-on-rallies-1124580) is progressing well.

Recommendation: Bias lower, stay short.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

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February 19 13:00 UTC Released

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