A couple of issues driving this trade.
1) We have a pullback into the 50% level with clear space to the downside. We are consolidating above a daily level but this can easily be taken out if the fundamentals hold true.
2) The Daily level is showing a pullback setup with continuation to the downside.
3) The US30 is taking a hit and looks to continue down for this next week even with the FED rate cut to 0%. The market does not have confidence in the rate cut.
4) COVID-19 testing in the US has been bottle necked and will take some time before consumers will feel safe.
5) Even with all of the global banks working in unison. People will flock off to currency safe havens.
1) We have a pullback into the 50% level with clear space to the downside. We are consolidating above a daily level but this can easily be taken out if the fundamentals hold true.
2) The Daily level is showing a pullback setup with continuation to the downside.
3) The US30 is taking a hit and looks to continue down for this next week even with the FED rate cut to 0%. The market does not have confidence in the rate cut.
4) COVID-19 testing in the US has been bottle necked and will take some time before consumers will feel safe.
5) Even with all of the global banks working in unison. People will flock off to currency safe havens.
Trade closed: stop reached:
Oh well, onward to the next trade.