US30 (DJ30) Intra Day/Week Outlook
Fundamentals: Due to Covid-19 and its exponential infection rate, many sectors in the US have took a heavy hit. This resulted in damages in retail sector, economical sector, medical and healthcare sector etc. With Trump cutting the funding to WHO, the potential for finding a cure is delayed. Quarantine is also said to be extended to the end of June, which means another full month of the economy being stagnant.
H4: US30 has just completed a full structural move and the past few bearish candles could be a potential correction. However, price has broken down from the fibo critical level of 61.8%, therefore the next potential area of interest is the 78.6% area. if it reaches the AOI and the candle body closes strongly, it has closed and broken below the ascending trendline, which to me, means that there is a structural change from bullish to bearish. And this is strongly supported by the fundamental changes around the globe.
Trade Idea: wait for market to break and re test the broken ascending trendline for sells to Fibo reversal level of 127.2%.
Trader's Arena FX
H4: US30 has just completed a full structural move and the past few bearish candles could be a potential correction. However, price has broken down from the fibo critical level of 61.8%, therefore the next potential area of interest is the 78.6% area. if it reaches the AOI and the candle body closes strongly, it has closed and broken below the ascending trendline, which to me, means that there is a structural change from bullish to bearish. And this is strongly supported by the fundamental changes around the globe.
Trade Idea: wait for market to break and re test the broken ascending trendline for sells to Fibo reversal level of 127.2%.
Trader's Arena FX
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