US30 daily looking to push forward but needs hourly to cooperate
FXCM's Dow Jones Industrial Average CFD, US30, is in the weak zone of its daily chart, between the lower blue and red bands. Therefore, it will be positive if it moves up into the neutral area, between the blue bands (green arrow). However, the hourly chart on the right needs to continue with its bullishness to make this progress. The hourly EMAs and stochastic have crossed bullishly (black ellipses). Still, the stochastic needs to move into the 80+ area (blue arrow) and hold. The longer the stochastic can maintain in the upper quintile on the hourly chart, the greater the index's likelihood of moving into its neutral area. We note that oil has pulled back from its highs of last week, which may be restoring some confidence in the risk market.
Russell Shor
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.
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