The pair opened this week on a bearish note and has continued its bearish move in a row of 2 days. After consecutive 7 weeks of weekly green candles, this week, as of now, in the weekly chart the bears have an upper hand. The pair erased its Friday's gain completely in Monday's and Tuesday's sessions. The pair has weekly support at 0.9489, the 61.6 fib level and 0.9465 (20Dsma). If the pair closes below 0.9465, the bears will have an upper hand and the weekly trend turns down. Today, as of now, in the Pacific session, the pair is unable to breach above the previous opening price. It represents that some more weakness is acting in the foreground, but ahead of the FOMC meeting minutes, lower level buying we can see from 0.9560 to 9515 levels.
For an intraday view, the prices are closed and trading below 12ema and DEMA. In yesterday's session the prices faced strong resistance at 35DEMA. In the h4 chart, the pair has hourly resistance at 0.9587, 0.96055 and 0.9625. Unless the pair passes 0.9625, on the down side we can expect 0.9518, 0.9505 and 0.9489 levels. If the prices fall below 0.9518, the selling pressure will increase to touch 0.9489 and 0.9465. Ahead of the FOMC meeting minutes, we expect a pullback from the lower levels. Huge buying will take place above 0.9625 and panic, below 0.9555.
Trade-
Buy at cmp 0.9567, target 0.9587, 0.9606 and 0.9625.
Selling only below 0.9555.
The material has been provided by InstaForex Company - www.instaforex.com
