Technicals:
Price is testing the resistance zone, which is also in line with the fibonacci confluence area found. In terms of market structure, prices broke below the market structure and we could see further downside here. Take profit target would be based off the -27% and -61.8% retracement that was taken from the last move.
Fundamentals:
Market risk sentiment leans towards a more risk off session on Friday's as investors await US NFP data due later today. A better than expected reading could see the Dollar edge higher, while putting downward pressure on US equities as investors anticipate a shift in the Fed's dovish stance and tapering of bond purchases ahead of expectations. Recent ADP report recorded the highest number of jobs added in the US in 11 months and record service-sector growth and the dollar strengthens after the Fed announced on Wednesday of plans to begin unwinding corporate bond holdings acquired last year through an emergency lending credit facility gradually to minimise any potential impact on the markets.
Price is testing the resistance zone, which is also in line with the fibonacci confluence area found. In terms of market structure, prices broke below the market structure and we could see further downside here. Take profit target would be based off the -27% and -61.8% retracement that was taken from the last move.
Fundamentals:
Market risk sentiment leans towards a more risk off session on Friday's as investors await US NFP data due later today. A better than expected reading could see the Dollar edge higher, while putting downward pressure on US equities as investors anticipate a shift in the Fed's dovish stance and tapering of bond purchases ahead of expectations. Recent ADP report recorded the highest number of jobs added in the US in 11 months and record service-sector growth and the dollar strengthens after the Fed announced on Wednesday of plans to begin unwinding corporate bond holdings acquired last year through an emergency lending credit facility gradually to minimise any potential impact on the markets.
Trade closed: target reached