Last week analysis called for a week of consolidation after a strong trending market. We had a lot of consolidation staying within the 112.25-113.25 range. NFP results were positive for USD and caused price to break this resistance but then quickly rejected the next zone and returned to our range.
For this week price is still in an uptrend but has lost some momentum due to the accumulation of orders for the past week. So far it looks as if price should go to retest the major support after rejection on Friday. This is a zone I would watch closely as if we reject this support again I think we can bring momentum back to the uptrend to the target of 114ish area. (Daily Supply Zone) But if we break the support zone we could have a potential trend change.
Fundamentals are light this week.. mid week Fed meeting minutes will be of the most impact as fed members have been increasingly hawkish moving the chance of another rate hike this year to 77% from 70%. (credit to investing.com for those numbers).
Lastly.. previous week longer term analysis still stands and is valid.
For this week price is still in an uptrend but has lost some momentum due to the accumulation of orders for the past week. So far it looks as if price should go to retest the major support after rejection on Friday. This is a zone I would watch closely as if we reject this support again I think we can bring momentum back to the uptrend to the target of 114ish area. (Daily Supply Zone) But if we break the support zone we could have a potential trend change.
Fundamentals are light this week.. mid week Fed meeting minutes will be of the most impact as fed members have been increasingly hawkish moving the chance of another rate hike this year to 77% from 70%. (credit to investing.com for those numbers).
Lastly.. previous week longer term analysis still stands and is valid.
Comment:
Looking like the demand zone could be a downward target
