ICmarkets
Long

Confluence to buy seen around 17575!

FX:US30   Index of top 30 shares on Wall Street
82 0 2

The DOW shows that early morning trade in London saw the unit sell-off from the 17759 mark yesterday – the high for the day. This, as you can see, brought the index to lows of 17609 by the close. In an attempt to keep this report short and sweet, let’s get right to the meat and potatoes! Over on the weekly chart, weekly support at 17606 is now in play, while lower down the daily chart price is seen trading within touching distance of daily demand penciled in at 17396-17554.

With the higher-timeframe structure logged in, H4 shows that the market is hovering just above H4 demand at 17575. Bolstering this level is a H4 channel support extended from the 17790 region, together with a deep 88.6% H4 Fibonacci support band at 17557 (red circle). Therefore, a long from 17575 at market is a valid trade call in our book. A pending buy order has been set at 17576 with a stop below the H4 channel support at 17518. In case the order does not fill prior to the NFP today, we’ll cancel and reassess following the report.
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