FxWirePro- TAOUSD (Chart of the day)

TAOUSD surged sharply after a long consolidation.

Any weekly close above $400 confirms further bullishness.

TAOUSD surged more than 30% in the past week. It holds above the short-term (21 and 55 EMA) and below the long-term moving average in the hourly chart. It hit a high of $250.44 and is currently trading around $245.80..

The bullish invalidation can happen if the pair closes below $160. On the lower side, the near-term support is $305. Any break below the target of $280/$255/$229/$200. Any breach below $165 targets $100.

The pair's near-term resistance is around $365. Any breach above confirms minor bullishness. A jump to $387/$400 is possible. A surge past $400 will take it to $470/$500.

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It is good to buy on dips around $310-12 with SL around $280 for TP of $400/$445..

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