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FxWirePro: DASH/USD holds above 200-DMA, close above could see further upside

  • DASH/USD extends bounce from 3-month lows at 376 levels, edges above 200-DMA.
     
  • Intraday charts show some upside, price action has edges above major EMAs on hourly charts.
     
  • Technical studies are bullish on 1H charts. We see scope for further upside.
     
  • On daily charts, technical indicators are turning bullish. RSI and stochs have rolled over from oversold levels.
     
  • We see stiff resistance at trendline at 580 levels. Breakout could propel the pair higher.
     
  • Price break above resistance at 580 (trendline) could see test of 670 (23.6% Fib retrace of 1625 to 376.047 fall) ahead of 20-DMA at 685.
     
  • On the flipside, retrace and close below 200-DMA could see re-test of 400 levels.

Support levels - 516 (5-DMA), 521 (200-DMA), 408 (88.6% Fib retrace of 252 to 1625 rally), 310 (Nov 12 low)

Resistance levels - 580 (trendline), 670 (23.6% Fib retrace of 1625 to 376.047 fall), 685 (20-DMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-DASH-USD-breaks-above-5-DMA-could-see-minor-upside-till-600-1137419) is progressing well.

Recommendation: Hold for targets.

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