Macroeconomic Outlook
This week, very critical growth data and interest rate decisions will be announced. (Euro-US-...)
We may see some pullback in the inflation data.
Other than that, leading indicator data such as PMI-ISM is not very good.
In this case, there is an expectation that the FED will soften in the near future.
In his statements at the Jackson Hole symposium, Powell reiterated that they are determined to reduce inflation and that they will not take a step back until they see any deterioration in the economy.
After this statement, if there is any deterioration in the economy in the markets, the expectation that the FED may not be as hawkish as expected was formed.
When we examine the price chart in the weekly term
Price is holding at the lower support point of the yellow channel.
This is the 20k price level, a kind of psychological resistance.
The volume of weekly falling candle closes is decreasing towards the 20k level.
A reaction from this level can carry the price to 1.272-1.618 fibonachi levels.
