The last two week the price volatility was huge, in the weekly candle we can see a big short movement in the first week (5 - 9 august) but the next week (19-23 august) the price rebound and right now is consolidating in the 61.8 fibo retracement level.
What to take on considerations:
In the fundamental side:
The market had respond to two big events, the first one is the usd bond yield inversion, a recession signal, which one lead to give fear on the market and the price start to move sharply to the downside, the other big event was that Trump delay the tariffs to the technologies sectors in China to December, this give hope to the market that the situation with the trade deal with China is in a good path.
But now, what we need to take on consideration is the fundamentals data, on wednesday and then on friday, is going to speak Powel and the market is expecting accurate information about what is going to do the Fed.
In the technical side:
The price already touched the first level drawn and rebound to the 61.8 fibo level of the previous downside movement. what we could expect is a consolidation process until Powell speak to give a clear break of that area. The odds are in the downside movement according the yield inversion expecation of a recession. But we need to keep tracking Donald Trump Tweets to se what he can said.
What to take on considerations:
In the fundamental side:
The market had respond to two big events, the first one is the usd bond yield inversion, a recession signal, which one lead to give fear on the market and the price start to move sharply to the downside, the other big event was that Trump delay the tariffs to the technologies sectors in China to December, this give hope to the market that the situation with the trade deal with China is in a good path.
But now, what we need to take on consideration is the fundamentals data, on wednesday and then on friday, is going to speak Powel and the market is expecting accurate information about what is going to do the Fed.
In the technical side:
The price already touched the first level drawn and rebound to the 61.8 fibo level of the previous downside movement. what we could expect is a consolidation process until Powell speak to give a clear break of that area. The odds are in the downside movement according the yield inversion expecation of a recession. But we need to keep tracking Donald Trump Tweets to se what he can said.