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FxWirePro: DASH/USD trades with bearish bias, eyes 200-DMA at 510

  • DASH/USD capped at 5-DMA, trades with a bearish bias, we prefer to stay short in the pair.
     
  • Downside has resumed after brief consolidation after 100-DMA break, momentum studies bearish. The pair has hit fresh 2-month lows at 537 levels.
     
  • 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 -ve DMI dominance and ADX supports trend lower.
     
  • Price action has broken 78.6% Fibo at 546 levels. Next bear target lies at 200-DMA at 510. Violation there could see further downside.
     
  • Retrace and close above 100-DMA invalidates bearish bias. Scope then for test of 20-DMA at 781.

Support levels - 510 (200-DMA), 408 (88.6% Fib retrace of 252 to 1625 rally), 310 (Nov 12 lows)

Resistance levels - 546 (78.6% Fib retrace of 252 to 1625 rally), 652 (5-DMA), 741 (100-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) has hit all targets.

Recommendation: Book partial profits, trail stop loss to 652, target 510.

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

 

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2018-08-22 00:44:42
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