2023-09-24 12:45:00
It rose strongly last week, breaking the downward trend, but it returned to stability below 1935 levels, which represents a psychological barrier. The reasons for this rise are summarized as follows:
– Disappointing US data, most notably the Purchasing Managers’ Index.
– The US decline against the basket of currencies.
– Low returns.
– Interest rates are currently fixed, with hints calling for further raising interest rates to curb inflation, which is progressing unabated, and the largest economies in the world support this through their central banks.
technically:
On the short time frames, we see the bulls breaking the bearish paths with somewhat occasional fluctuations, and moving to the weekly time frame we see a timidly positive close that favors the bears over the bulls.
Looking at the daily time frame, we see a clear bearish trend that was breached once, with stability below 1935. This increases the bears’ chances in front of the bulls to complete the downward path.
The trading scenario is to exploit any bullish rebound with selling opportunities centered at the levels of 1935, the first target is 1920, and the second target is 1915.
Breaking the 1915 levels will ignite the bears’ momentum down to the 1906 levels.
note
– What I publish is my personal diligence and is not a recommendation to buy or sell. If you are correct, then this is a blessing from the Lord of His servants, and if you are incorrect, then this is due to influential developments, especially since the analysis is according to announced data.
– Updates will be available through my humble accounts on social media sites for speedy publication.
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