The pair drifted to the previous support at 172.94 in yesterday's session. Buy today in Asia's session, it drifted to 172.77 and pulled back immediately. The 80.0 fib level held this time. On the down side, it has strong support at 172.50 (50DSma) and 172.30 (June 30 low). On the north side, it has resistance at 173.50 (30 DSma), 173.80 (20 DSma) and 174.53. Until the pair trades below 174.53, on the down side, we can expect 172.50, 172.30 and 172 levels.
Support zone 172.50, 172.30, 172.
Resistance 173.50, 173.80, 174.55.
A day close below 172.50, we expect some more selling pressure will add to this pair, the results of the southern journey on the short-term basis.
On an hourly basis, the pair is trading below the hourly moving averages. The pair has support at 172.50, 172.30 and 172 levels. Until the pair trades below the 173.87 (21HSma) levels, we can expect the pair to trade in the 'selling the rally' strategy. In Asia's session the pair is trading at 172.82 levels. The pair favors pulling a bit back from the oversold levels.
We recommend to buy at cmp 172.82 and on a dip at 172.50 for targets at 172.95, 173.16, 173.33, 173.40, and 173.60, sl 172.30 on a closing basis.
The material has been provided by InstaForex Company - www.instaforex.com
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