Clearly consolidating at resistance - there is a want to go higher - seeing shorts being swallowed.
If can push through and retest - turning resistance to support - should see a push to higher line -> Big IF however - if rejected aim low support...
Largely will be related to MACRO environment over next week
If CPI / US Jobs data come in on-expectations - expect a push lower - this is due to likely response from FED being "right - we haven't broken anything yet - lets push harder for 75bps hike" - if however jobs growth / income growth weaker than exp. will see some evidence of risk on appetite....short term
Lets see.
Remember the market is forward looking - these things are around 75% baked in already.
If can push through and retest - turning resistance to support - should see a push to higher line -> Big IF however - if rejected aim low support...
Largely will be related to MACRO environment over next week
If CPI / US Jobs data come in on-expectations - expect a push lower - this is due to likely response from FED being "right - we haven't broken anything yet - lets push harder for 75bps hike" - if however jobs growth / income growth weaker than exp. will see some evidence of risk on appetite....short term
Lets see.
Remember the market is forward looking - these things are around 75% baked in already.
If interested in short - look for pull back to support and enter