Slobodan Drvenica
Windsor Brokers
DOW JONES
Today's fresh extension of pullback from double upside rejection at 20630 increases risk of deeper correction.
Strongly overbought daily studies and Hammer candle that was left yesterday support negative scenario.
Further bearish signals will be generated on reversal of daily RSI/slow stochastic from overbought territory.
Fresh acceleration lower penetrated into thick hourly cloud and eyes first pivot at 20490 (hourly cloud base).
Break here and 20477 (15 Feb low) would accelerate towards next strong support at 20380 (Fibo 38.2% of 19982/20624 upleg).
Also, profit-taking at the end of the week, after strong five-day rally, would further accelerate near-term bears.
Res: 20600; 20631; 20700; 20829
Sup: 20490; 20477; 20380; 20300
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.