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Ichimoku analysis (4-hour chart)
Tenken-Sen- 0.91702
Kijun-Sen- 0.91662
Previous week High– 0.92676
Previous week low- 0.91330
The pair has once again declined after hitting a high of 0.9200 yesterday. The intraday trend is neutral as long as 0.9200 intact. But overall bias remains on the downside as long as resistance 0.92750 holds. US Fed chairman Powell said that the US economy was "still a way off" from the tapering bond purchase program. The US PPI m/m came at 1.0% in June, above the forecast of 0.5%. The inflation for the 12 months surged to 7.3% v.s an estimate of 7.1%. The US 10-year yield lost more than 7.5% after Fed Chairman Powell's testimony.
Trend- Neutral
The near-term support is around 0.91219, breach below will take the pair to 0.9059/0.9000. On the higher side, immediate resistance is around 0.9200. Any convincing breach above targets 0.9238/0.92750.
Indicator (4 Hour chart)
CAM indicator – Neutral
Directional movement index –Neutral
It is good to sell on rallies around 0.9180 with SL around 0.9238 for a TP of 0.9050.
