As we prepare for tomorrow's trading session, our attention is directed towards US30, with a potential selling opportunity emerging around the 39100 zone. Currently, US30 is tracing a downtrend but undergoing a correction phase, drawing near the critical support and resistance area at 39100.
Augmenting our analysis with a fundamental perspective, the last Non-Farm Payrolls (NFP) report showcased notable strength, expected to bolster the US Dollar's position. Furthermore, looming on the horizon is the highly anticipated Consumer Price Index (CPI) event scheduled for this Wednesday. This economic indicator carries significant weight as it could provide additional validation for the Federal Reserve's forthcoming actions, potentially reinforcing the dollar's ascent.
Notably, a strengthening dollar often translates into bearish sentiment for stocks due to their inherent inverse correlation. This interplay between currency strength and stock market dynamics adds an intriguing layer to our analysis, informing our trading strategy for US30.
As astute traders, it's imperative to factor in both technical and fundamental aspects when navigating the markets. By leveraging these insights, we aim to seize the opportunities that tomorrow's trading session presents.
Stay vigilant and trade wisely! Joe
Comment
⋅
market is open now, upcoming dollar news on wednesday should influence us30