The latest economic events have all helped to alleviate worries of an imminent recession in the US economy while also providing new vigor to market risk appetite. The dollar is losing ground, with the
Looking at the daily chart,
The RSI is now trying to break out of the oversold zone. The MACD line is attempting to climb from depressed levels, but it has yet to reach the signal line. This crossover might result in a bullish signal.
The underlying trend remains bearish, as seen by the two 50- and 200-day moving averages, which formed a death-cross at the start of the month, and the descending channel that has been in place since the February’s peak.
However, if prices break through the $1,750 resistance level, the possibility of an attack on $1,800 might be opened up. On the downside, bears are targeting $1,664 (August 21’s lows) as a a key support level.
Idea written by Piero Cingari, forex and commodities analyst at Capital.com
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.