The price finish the last week with a strong bearish canddle, following the shooting star structure formed in the weekly canddle getting close to the lower part of the channel:
In the fundamental side:
The coronavirus outbreak had generate a strong sell off in the market, the SP500 the last week retrace 15% from the high to the low, making pressure to the Federal Reserve for more cut rates, right now the market is expecting a 50 point cuts in the march meeting, the reason why the fall in the Dollar index price, for the coming week the price can still falling to even break the lower part of the channel, this can be generated with the disappointed result on manufacturing reports on China, in US we have very important news, such as Manufacturing report on Monday, ADP non-farm employment report on Wednesday, and on Friday non-farm employment and unemployment rate.
ONE IMPORTANT DATA: The recovery rate of China had rise an surpass de 50% of cases, in any time the market is going to read this as a good new.
In the technical side:
The price is in a huge downtrend structure, almost reaching the lower part of the channel, right now we can expect a retracement structure to the upside to wait for a price action signal to put the short position.
In the fundamental side:
The coronavirus outbreak had generate a strong sell off in the market, the SP500 the last week retrace 15% from the high to the low, making pressure to the Federal Reserve for more cut rates, right now the market is expecting a 50 point cuts in the march meeting, the reason why the fall in the Dollar index price, for the coming week the price can still falling to even break the lower part of the channel, this can be generated with the disappointed result on manufacturing reports on China, in US we have very important news, such as Manufacturing report on Monday, ADP non-farm employment report on Wednesday, and on Friday non-farm employment and unemployment rate.
ONE IMPORTANT DATA: The recovery rate of China had rise an surpass de 50% of cases, in any time the market is going to read this as a good new.
In the technical side:
The price is in a huge downtrend structure, almost reaching the lower part of the channel, right now we can expect a retracement structure to the upside to wait for a price action signal to put the short position.
