On Monday, prices opened lower in early Asian trading but rebounded slightly, stabilizing above 4015 driven by risk aversion over the weekend, but the bullish foundation was not solid. This week is the penultimate week before the Federal Reserve's interest rate meeting, and the market has entered a wait-and-see mode.
From a technical perspective, a "death cross" has formed on the daily MACD, indicating a continuing bearish trend. The RSI is hovering in the 36 range, signaling weakness. The 4-hour Bollinger Bands are opening downwards, and the 1-hour KDJ indicator shows a weak golden cross at a low level. Although the price is currently holding above 4000, its ability to maintain this level depends on the momentum seen later this week.
Key resistance levels to watch are 4040–4050, while support levels are at 3980–3970. Short-term trading strategy: consider selling on a rebound to 4040–4050, targeting 4000–3980; alternatively, buy if the price touches 3970–3960, targeting 4000–4020.
Wishing everyone successful trading for the new week.
From a technical perspective, a "death cross" has formed on the daily MACD, indicating a continuing bearish trend. The RSI is hovering in the 36 range, signaling weakness. The 4-hour Bollinger Bands are opening downwards, and the 1-hour KDJ indicator shows a weak golden cross at a low level. Although the price is currently holding above 4000, its ability to maintain this level depends on the momentum seen later this week.
Key resistance levels to watch are 4040–4050, while support levels are at 3980–3970. Short-term trading strategy: consider selling on a rebound to 4040–4050, targeting 4000–3980; alternatively, buy if the price touches 3970–3960, targeting 4000–4020.
Wishing everyone successful trading for the new week.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.