- The bullish divergence of the 14-hour relative strength index (RSI) indicates the sell-off from the Aug. 28 high of 0.6727 has made a temporary low at 0.6530 and a corrective rally toward the 50-hour moving average (MA) of 0.6583 could unfold over the next few hours.
- Further gains could be short-lived as the 5-day and 10-day MAs are trending south, indicating a bearish setup.
Hourly Chart
Spot Rate: 0.6553
Daily High: 0.6557
Daily Low: 0.6530
Trend: Corrective rally likely
R1: 0.6583 (50-hour MA)
R2: 0.6620 (Aug. 24 low)
R3: 0.6642 (10-day MA)
Support
S1: 0.6518 (76.4% Fib R of 2015 low/2017 high)
S2: 0.6448 (February 2016 low)
S3: 0.64 (psychological support)
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