The US 30 index achieved a fresh all-time high around 34,580 earlier today after several days of sideways moves. Currently, the price is hovering near its opening level with the RSI confirming the flat momentum. Moreover, the stochastic oscillator is jumping in the overbought territory suggesting that the upside extension on price may come to an end.
If the index successfully jumps to uncharted levels, it may find a strong obstacle near the next psychological marks such as 35,000, 35,500 and 36,000.
In the negative scenario, the price may meet the 33,713-34,251 strong support zone ahead of the long-term ascending trend line, which stands near 33,360. The Ichimoku cloud also lies around the aforementioned level and any decreases below it could find support at 32,080. More declines could take the bears until the 23.6% Fibonacci retracement level of the up leg from 18,170-34,580 at 30,688.
Summarizing, the US 30 index has been creating higher highs and higher lows in the long-term timeframe, without any significant downside correction. However, a fall below the uptrend line and the 200-day SMA may change this outlook to bearish.
Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.
Recommended Content
Editors’ Picks
AUD/USD consolidates near 19-month peak as traders await US PCE Price Index
AUD/USD oscillates in a range below the 0.6900 mark, as traders opt to move to the sidelines ahead of the US PCE Price Index. In the meantime, the RBA's hawkish stance, the optimism led by additional monetary stimulus from China, the prevalent risk-on mood, and a bearish USD continue to act as a tailwind for the pair.
EUR/USD rebounds on Thursday after midweek pullback
EUR/USD tuned back into the high end on Thursday, getting bolstered by a broad-market selloff in the Greenback. US data that printed better than expected helped to ease concerns of a possible economic slowdown within the US economy looming over the horizon.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Ethereum investors show bullish bias amid ETF inflows and positive funding rates, exchange reserves pose risk
Ethereum traded around $2,640 on Thursday, up more than 2% following increased bullish bias among investors, as evidenced by ETH ETF net inflows and an uptrend in funding rates. However, investors may be wary of a potential correction from ETH's rising exchange reserve.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.