Short-term bullish bias
Key levels: downside: 0.9975/ upside: 0.9995
The US dollar met strong buying interests near the psychological level of 0.9900. The bearish moving average cross is a sign that a medium-term reversal might be underway. Though the current pullback could reach the 50% (1.0010) and 61.8% (1.0035) Fibonacci retracement level from the March peak.
On the 4H chart, the bullish MA cross along with a RSI indicator rising back from the 30 over-sold level showed that buyers have taken control of the price action in the short-term. Both MAs acted as solid support during previous pullbacks. On the hourly chart, the break above the 0.9987 resistance after a bullish MA cross suggests longs have become more aggressive in pushing higher.
1.0 will be a key psychological level to aim for the buyers. On the downside, the immediate support level can be found around 0.9975.