FxWirePro: DASH/USD retraces dip below 400 mark, close below 200-DMA keeps scope for downside

• DASH/USD hit 3-month lows at 367 levels before paring some losses to currently trade at 420 levels.
   
• The pair has shown a decisive close below 200-DMA which keeps scope for downside.
   
• Technical studies are highly bearish. 5 and 20 DMA are sharply lower. Bollinger bands are widening.
   
• Stochs and RSI show bearish momentum and MACD is deeply in negative territory. We see -ve DMI dominance and ADX supports trend lower.
   
• Price action is hovering around 88.6% Fibo at 408 levels, finds next major support at 252.50 (Nov 2nd low).
   
• On the flipside, retrace and close above 200-DMA could see test of 20-DMA at 710.
   
• Breakout above 750 levels (100-DMA) invalidates bearish bias.

Support levels - 408 (88.6% Fib retrace of 252 to 1625 rally), 310 (Nov 12 low), 252.50 (Nov 2 low)

Resistance levels - 517 (200-DMA), 523 (5-DMA), 546 (78.6% Fib retrace of 252 to 1625 rally)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-DASH-USD-trades-with-bearish-bias-eyes-200-DMA-at-510-1130037) has hit all targets.

Recommendation: Book partial profits, trail stop loss to 580, watch out for close below 200-DMA for weakness. Target 430/ 408/ 310.

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