Weekly outlook: Tracking the ride.
The price broke with an strong weeky canddle the channel analysed since march, now lets analysed the trend and where are the odds.
What to take on considerations:
In the fundamental side:
The very lower than expected job report on US allow to the price od the DXY to make a clear downside movementU. But on the weekend US and Mexico reach a deal in the inmigration situation, suspending the planned tarrifs, so this two fundamental news can bring undecision once again and a parallel behavior on the price. The relevant data is going to be de CPI report on wednesday, if the CPI performance lower than expected, the price could keep going down, because the cut rates odds will keep rising, the market is expecting the first cut on July.
In the technical side:
Now that the price had broke the channel, the price can reach the 2.168 fibo extension signaled, for then start a retracement process before keep going down to the "C" point of the extended flat retracement process of the big picture trend. This retracement process can touch the lower part of the channel, but this time such as a resistance diagonal line. The grey lines means possibles areas of retracements process to take posibbles entries to surf the waves.
What to take on considerations:
In the fundamental side:
The very lower than expected job report on US allow to the price od the DXY to make a clear downside movementU. But on the weekend US and Mexico reach a deal in the inmigration situation, suspending the planned tarrifs, so this two fundamental news can bring undecision once again and a parallel behavior on the price. The relevant data is going to be de CPI report on wednesday, if the CPI performance lower than expected, the price could keep going down, because the cut rates odds will keep rising, the market is expecting the first cut on July.
In the technical side:
Now that the price had broke the channel, the price can reach the 2.168 fibo extension signaled, for then start a retracement process before keep going down to the "C" point of the extended flat retracement process of the big picture trend. This retracement process can touch the lower part of the channel, but this time such as a resistance diagonal line. The grey lines means possibles areas of retracements process to take posibbles entries to surf the waves.
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