Weekly outlook: the retracement had end, go short.
The price as we expect in the last week report, had go deeper in the retracement process and nice setups in the price historic structure.
What to take on considerations:
In the fundamental side:
The strong data on US job released on friday dampens hope of a Fed rate cut but, according CMe Fedwatch tool the market still expect 1 cut rate for july FOMC meeting. Powell is going to speak on tuesday and will say something related to the this Job report, depending the tone and the words the market can clarify better the decision for a cut rate now in july, we must remember that in the last FOMC meeting the members conclude to say that they expect one cut rate but in 2020, so Powell can play with that. Trump impuse tariffs to a large basket of european goods as a signal for a new negotiation process with them, this is important also to take in account and dont forget the number $200 billions on tariffs in US-China trade deal.
In the technical side:
The price go deeper and get inside the drawn channel, reaching the 61.8 fibo level of the previous downside movement and the 2.618 fibo extension level of the I(first) impulse, as we can see also the price has already formed a V(five) wave structure, so this retracement process is just the price getting fuel to keep going lower
What to take on considerations:
In the fundamental side:
The strong data on US job released on friday dampens hope of a Fed rate cut but, according CMe Fedwatch tool the market still expect 1 cut rate for july FOMC meeting. Powell is going to speak on tuesday and will say something related to the this Job report, depending the tone and the words the market can clarify better the decision for a cut rate now in july, we must remember that in the last FOMC meeting the members conclude to say that they expect one cut rate but in 2020, so Powell can play with that. Trump impuse tariffs to a large basket of european goods as a signal for a new negotiation process with them, this is important also to take in account and dont forget the number $200 billions on tariffs in US-China trade deal.
In the technical side:
The price go deeper and get inside the drawn channel, reaching the 61.8 fibo level of the previous downside movement and the 2.618 fibo extension level of the I(first) impulse, as we can see also the price has already formed a V(five) wave structure, so this retracement process is just the price getting fuel to keep going lower
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