In yesterday's session, the US dollar fell against a basket of major currencies. The IMF global growth forecast and concerns about global economic growth raise bets for interest rate hike. In yesterday's session, the pair fell 100 pips and closed at the lowest point of the day. The parallel support at 0.9469 provides enough support not to extend its fall. In yesterday's session the pair closed below 20Dsma, for the first time in two months. During today's Asia's session, the pair took support from 0.9469, but faced strong resistance at 20Dsma. The support turned to resistance, which is a bearish strategy. We recommend fresh selling only below 0.9469 and buying above 0.95. In case the pair falls below 0.9469, it can extend its fall to 60 pips, 0.9404 is the 200Wema. On the bullish front, in case the price sustains above 0.95, it can fly up to 75-90 pips.
For an intraday view, the prices are closed and trading is below hourly key moving averages. But the parallel support 0.9469 supporting the pair today, as of now. We recommend buying at the current market price 0.9487 sl 0.9469 target 0.9500 and 0.9525 levels. Selling below 0.9469 target 0.9410 and panic below 0.9400 levels.
The material has been provided by InstaForex Company - www.instaforex.com
