Last week we observed that US inflation indicators showed signs of cooling down.
- Wednesday's CPI dropped from 3.45 to 3.3%
- PPI index decreased -0.2%
Inflation indicators decreased while economic indicators were negative
- As the unemployment rate and unemployment benefit application rate increase
This shows that the Fed's monetary policy is effectively reducing inflation, specifically consumer price CPI and production costs, while also reflecting the negative economic impact of the policy. this book. This requires that the Fed may begin to loosen monetary policy in the near future
Look at D1
- We see that the correction has completed wave B and is continuing wave C of wave 4.
- We can measure the target of wave C at 2 price zones 2256 and 2210 price zones.
- We have a price zone confirming the final wave 4 which is the 2150 price zone. If the price breaks through this zone, our ABC wave counting process is no longer correct, then we have to re-plan a new plan based on new data.
Look at H1
- The price has broken out through the 2323 zone and is testing this zone again. Looking at the reversing momentum in the oversold area, it is likely that the price has successfully tested and continues to rise to the target areas of wave C above.
- Yesterday we measured the target wave C which is 2 areas 2354 and 2360
- The target area of wave C is a very good area for us to look for Sell down orders
- Combined with chart D1, we will have the price range where this decrease will end at 2256 or 2210.
- We also have a zone that denies this wave counting process when the price surpasses the 2388 zone, then the price has entered an uptrend and we are forced to change our trading strategy at that time (I will update later if that happens).
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US Producer Price Index (PPI) data released on Thursday provided further evidence of easing inflationary pressures, suggesting the Fed may act to cut interest rates in the short term.
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+60 pips
