Resistance
0.8627 (100-DMA)
0.8684 (23.6% of 2015 low – 2016 high)
0.8779
Support
0.86 (zero figure)
0.8526 (session low)
0.8492
Comments – Despite the oversold conditions on the daily chart, the potential for a recovery looks limited as the weekly 5-MA and 10-MA are heading for a bearish crossover. Furthermore, the weekly MACD suggests the bearish momentum is about to gather pace. Consequently, upticks into 0.8750 (weekly 5-MA next week) could be met with fresh offers. On the downside, 0.8345 looks achievable in the short-run.
0.8627 (100-DMA)
0.8684 (23.6% of 2015 low – 2016 high)
0.8779
Support
0.86 (zero figure)
0.8526 (session low)
0.8492
Comments – Despite the oversold conditions on the daily chart, the potential for a recovery looks limited as the weekly 5-MA and 10-MA are heading for a bearish crossover. Furthermore, the weekly MACD suggests the bearish momentum is about to gather pace. Consequently, upticks into 0.8750 (weekly 5-MA next week) could be met with fresh offers. On the downside, 0.8345 looks achievable in the short-run.
