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Our targets which we predicted in Yesterday's analysis has been hit. The pair broke above its key resistance at 0.9595 (the high of July 26), which is coming to the key support now. Both rising 20-period and 50-period moving averages are maintaining upside bias.
The U.S. dollar pared losses seen in Asian trading hours and strengthened further against other major currencies, lifted by upbeat U.S. economic data. The Commerce Department reported that durable goods orders grew 6.5% on month in June, the quickest pace in nearly three years and exceeding +3.8% expected. The ICE Dollar Index sank to a 13-month intraday low of 93.15 before closing at 93.86, up 0.2% on the day.
To conclude, as long as 0.9620 is not broken, a further rise to 0.9745 and even to 0.9800 seems more likely to occur.
Chart Explanation: The black line shows the pivot point; the present price above pivot point indicates the bullish position and below pivot points indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: BUY, Stop Loss: 0.9620, Take Profit: 0.9745
Resistance levels: 0.9745, 0.9800, and 0.9835
Support levels: 0.9560, 0.9530, and 0.9475
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