Hey, traders. There were some chances that we could make good trade in this week. Hope you guys had that chances, too.
Let's check how the chart moved.
We can see 1. 1680 ~ 2080 box pattern and the price is on the bottom support line 2. Short-term descending channel
We should check 1. FOMC on next week
(Today) 2. Philadelphia Fed Manufacturing Index (Sep) 3. Initial Jobless Claims 4. Core Retail Sales (MoM) (Aug) 5. Retail Sales (MoM) (Aug) 6. Industrial Production (MoM) (Aug)
We can expect 1. the price is almost approached to bottom of box pattern, we can have chance to buy for short. 2. the price will face the overlapped resistance on 1725, this will be chance to sell for long term. 3. 1870 will be the high point if the price break through resistance on 1725. 4. 1550 will be low point if the price break through support on 1680. In this case, we can see the price following descending channel.
We already mentioned there is a resistance on 1725 on previous analysis and we could have chance to make good trade. Let's see if we can make another good trade agian. Thanks for reading and hope this insight is helpful.