InvestMacro

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After completing another descending structure at 1.1674, EURUSD is forming a new consolidation range around 1.1680. Possibly, today the pair may break the range to the downside and start a new decline with the short-term target at 1.1660. Later, the market may break this level and continue falling towards 1.1600.

GBPUSD, “Great Britain Pound vs US Dollar”

After finishing the descending wave at 1.3600 and breaking this level to the downside, GBPUSD has reached 1.3540; right now, it is consolidating around the latter level and may yet resume trading downwards. If later the price breaks this range to the upside, the market may correct to test 1.3600 from below; if to the downside – start a new decline with the short-term target at 1.3460.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB has completed the correction at 73.00. Today, the pair may start another decline to break 72.30 and then continue trading downwards with the target at 72.00.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has expanded its range up to 111.50. Possibly, today the pair may fall to reach 109.90 and then form one more ascending structure to test 111.25 from below.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF continues growing with the short-term target at 0.9305. Later, the market may start a new correction to reach 0.9263.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed the descending structure at 0.7225; right now, it is consolidating there. If later the price breaks this range to the upside, the market may correct towards 0.7259; if to the downside – resume trading within the downtrend with the target at 0.7208.

BRENT

Brent has completed the correctional structure at 77.70 and may form a new consolidation range there. Possibly, the asset may extend this structure down to 77.25 and then form one more ascending structure with the target at 81.20.

XAUUSD, “Gold vs US Dollar”

Gold has finished the descending structure at 1729.50 and may form a new consolidation range there. Possibly, the metal may correct to reach 1744.33 and then resume moving downwards with the target at 1726.40.

S&P 500

After breaking 4407.7 and then reaching the short-term downside target at 4359.0, the S&P index is expected to correct and test 4407.0 from below. Later, the market may form a new descending structure towards 4333.3.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.1695
• Prev Close: 1.1682
• % chg. over the last day: -0.11%

The US Consumer Confidence Index decreased to 109.3 points in September from a revised 115.2 level in August. Given the growing trade deficit and anticipation of declining auto sales, such data added to fears of a slowdown in US economic growth. But the dollar index increased amid falling stock indices as investors are concerned about the risk of a default on US sovereign debt.

Trading recommendations

• Support levels: 1.1620
• Resistance levels: 1.1690, 1.1717, 1.1772, 1.1802, 1.1835

From the technical point of view, the situation with the EUR/USD currency pair is uncertain. On the one hand, the price has broken through and consolidated below the priority change level. On the other hand, the MACD indicator indicates a divergence, which may lead to a false breakdown of this level. Under such market conditions, traders should consider buy trades if the price returns above the priority change level creating a false breakdown zone below. It is best to look for sell trades from the resistance levels near the moving average.

Alternative scenario: if the price breaks out through the 1.1690 resistance level and fixes above, the mid-term uptrend will likely resume.

News feed for 2021.09.29:

• – German Retail Sales (m/m) at 09:00 (GMT+3);
• – US Pending Home Sales (m/m) at 17:00 (GMT+3);
• – US FOMC Chair Jerome Powell’s Speech at 18:45 (GMT+3);
• – Eurozone ECB President Lagarde’s Speech at 18:45 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.3695
• Prev Close: 1.3533
• % chg. over the last day: -1.19%

The British authorities want to use the army to solve the issue of fuel delivery to petrol stations. This news negatively affected the British currency, and with the dollar index rising, the GBP/USD quotes collapsed yesterday.

Trading recommendations

• Support levels: 1.3525, 1.3483
• Resistance levels: 1.3617, 1.3685, 1.3759, 1.3812, 1.3886.

On the hourly time frame, the GBP/USD trend is bearish. The MACD indicator has become negative without any signs of reversal. Buy trades should be considered only throughout the day and only with short targets from the support levels. Sell trades can be found at the resistance levels above the moving average line, as the price has deviated strongly from the middle values.

Alternative scenario: if the price breaks out through the 1.3759 resistance level and consolidates above, the bullish scenario will likely resume.

News feed for 2021.09.29:

• – UK BoE Gov Andrew Bailey’s Speech at 18:45 (GMT+3).

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 110.99
• Prev Close: 111.50
• % chg. over the last day: +0.45%

The Japanese Yen futures continue to decline, which is caused by the strengthening of the dollar index as well as a slowdown in the economic recovery in Japan. But with the restrictions being lifted in Japan as early as September 30, the Japanese Yen may strengthen soon.

Trading recommendations

• Support levels: 110.95, 110.65, 110.40, 109.95, 109.63, 109.27
• Resistance levels: 111.49

The main trend of the USD/JPY currency pair is bullish. Against the background of the Japanese Yen weakness and strengthening of the dollar index, the USD/JPY quotes continue to grow. But it is obvious that the price cannot reach the upper border of the uptrend channel, while the MACD indicator begins to signal divergence. All these are signs of the buyer’s weakness. Under such market conditions, it’s better to look for buy positions from the support levels after a small pullback. The price has deviated strongly from the moving average, and now there is a high probability of decline. Sell positions should be considered only throughout the day from the resistance levels but only after the sellers’ initiative.

Alternative scenario: if the price falls below 109.63, the uptrend is likely to be broken.

News feed for 2021.09.29:

• – Japan BoJ Gov Haruhiko Kuroda’s Speech at 18:45 (GMT+3).

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2627
• Prev Close: 1.2683
• % chg. over the last day: +0.44%

The Canadian dollar is a commodity currency, so USD/CAD is highly dependent on the dynamics of the dollar index and oil prices. The dollar index increased yesterday, while oil prices decreased. As a result, the USD/CAD quotes increased due to the weakness of the Canadian currency.

Trading recommendations

• Support levels: 1.2611, 1.2565, 1.2518, 1.2425
• Resistance levels: 1.2701, 1.2774, 1.2891

From the technical point of view, the trend has changed to bearish. The price fell below the moving average and broke down through the priority change level. The MACD indicator has returned to the positive zone. Under such market conditions, it is better to look for buy deals from the support levels, but only with short targets. It is best to look for sell deals from the resistance levels near the moving average

Alternative scenario: if the price breaks out through the 1.2774 resistance level and fixes above, the uptrend will likely resume.

News feed for 2021.09.29:

• – US Crude Oil Reserves (w/w) at 17:30 (GMT+3).

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

By Orbex

The USDJPY formation suggests the development of a large triple zigzag that consists of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

The first four waves have ended. Thus, the last actionary wave Ⓩ may be in the development stage now.

Most likely, this wave will take the form of an intermediate double zigzag (W)-(X)-(Y). In the area of the minimum of 109.10, the intermediate intervening wave (X) ended, and then the price began to rise.

Most likely, we are at the beginning of an intermediate actionary wave (Y). This can take the form of a simple bullish zigzag A-B-C, and it could end near the level of 112.91.

Let’s look at an alternative scenario. Perhaps the construction of the primary interventing wave Ⓧ is still ongoing.

It seems to take the form of a double zigzag (W)-(X)-(Y) of the intermediate degree. The first actionary sub-wave (W) is a triple zigzag, and the intervening wave (X) is similar to a simple zigzag A-B-C with a complex correction B in the form of a minute double zigzag.

In the near future, the price is likely to decline in the minor wave Y towards the 108.08 area. At that level, wave (Y) will be at 123.6% of wave (W).

Article by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com

By Orbex

XAUUSD lacks support

Gold slumps due to rising US Treasury yields. The demand zone around 1745 has failed to contain the market’s pessimism.

The latest bounce has been an opportunity to sell into strength, reinforcing the bearish bias. A combination of loss-cutting and fresh selling would raise the downward momentum.

The precious metal is heading towards 1720. A breakout would trigger an extended sell-off to the August low at 1680. The bulls have the daunting task of lifting 1760 before they could expect a meaningful rebound.

AUDUSD hits resistance

The Australian dollar inched higher after a smaller contraction in August’s retail sales.

The pair has found strong support at 0.7220. Three consecutive tests are an indication of solid interest in keeping the Aussie afloat.

0.7320 is the first resistance ahead. Its breach may shake the sellers out and trigger a rebound to 0.7410.

Otherwise, a fall below the said support would cause a deeper correction to the critical level of 0.7105. Erasing all of the gains from late August would seriously dent buyers’ optimism for a rally.

USDCAD bounces off support

The Canadian dollar is under pressure as oil prices retreat. The pair saw buying interest at 1.2600, which is major support for a four-month-long rally on the daily timeframe.

The RSI’s bullish divergence indicates that the selling pressure may have waned.

A break above the immediate resistance (1.2670) would prompt sellers to cover. 1.2800 near September’s peak could be the target should a rebound gain traction.

On the downside, a bearish breakout may send the price to the psychological level of 1.2500.

Article by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com

by JustForex

The US consumer confidence index has shown a decline over the past month, confirming that US business activity is slowing as inflation remains at high levels. Consumers remain concerned about supply disruptions, the threat of higher inflation, and the Delta variant of coronavirus that will affect their lives and the economy.

The US stock market decreased sharply amid investor fears over the risk of a default on US sovereign debt. The Dow Jones Industrial Average decreased by 1.63%, the S&P 500 lost 2.04% and the Nasdaq Composite lost 2.83%. The Nasdaq showed the biggest fall since March 18, and the Dow Jones dropped for the first time in five trading sessions.

US Treasury Secretary Janet Yellen said that the Treasury would be out of money around October 18 if the debt limit was not increased. Fed Chairman Jerome Powell indicated that the Fed could not protect the American people from default if the debt limit was not increased. What’s going on? On September 30, the end of the fiscal year of the federal government is marked and this is the deadline for the adoption of funding measures by Congress. The debt ceiling, which represents the amount of money that legislators allow the Ministry of Finance to occupy, should be suspended or elevated by mid-October, otherwise, the United States will most likely declare a debt default. JPMorgan Chase CEO Jamie Dimon told Reuters that the nation’s largest bank is preparing for a possible US credit default as negotiations over the debt limit have stalled.

European stock indexes decreased yesterday following the US ones. The British FTSE 100 index decreased by 0.5%, German DAX lost 2.09%, French CAC 40 dropped by 2.17%, Italian FTSE MIB and Spanish IBEX 35 lost 2.14% and 2.59%, respectively. ECB head Christine Lagarde said the following: “To get out of the pandemic safely and get inflation back to 2%, we still need flexible monetary policy.” Great Britain’s authorities want to use the army to solve the issue of getting fuel to gas stations.

Oil decreased slightly yesterday. The pressure on prices is caused by renewed fears about the pace of global economic recovery amid the coronavirus pandemic. But analysts are confident that oil prices will continue to rise, as production in the Gulf of Mexico is still not restored to pre-Hurricane Ida levels, while crude oil inventories are at their lowest in three years.

Asia-Pacific stock markets have declined on Wednesday following a negative US trading session. Investors are concerned about the expected slowdown in China’s economy, which is facing an energy crisis. China’s energy crisis is connected with the fact that some Chinese regions face a real power shortage amid a sharp spike in coal and natural gas prices and other regions are demanding companies to save energy to meet the goals set by the national authorities to cut harmful emissions. Chinese industrial profits grew at a weaker pace in August than a year earlier, slowing down the sixth month in a row as manufacturers faced high raw material prices, COVID-19 outbreaks, and shortages of some key components.

Goldman Sachs worsened its forecasts for China’s economic growth in 2021 against the background of restrictions in power consumption and problems with the Evergrande developer. Now bank experts expect China’s GDP growth of 7.8% compared with a year earlier, while the previous forecast provided for the growth of 8.2%. International rating agency S&P Global Ratings improved its forecast for economic growth in Japan and Australia in the next two years and lowered the forecast for GDP growth in China.

On the other hand, BlackRock hedge-fund analysts told their investors that Chinese stocks are priced according to their risks and investors should consider buying them while they remain cheap.

The persistent worldwide shortage of semiconductor components will begin to ease in early 2022.

Main market quotes:

S&P 500 (F) 4,352.63 −90.48 (−2.04%)

Dow Jones 34,299.99 −569.38 (−1.63%)

DAX 15,248.56 −325.32 (−2.09%)

FTSE 100 7,028.10 −35.30 (−0.50%)

USD Index 93.71 +0.33 (+0.35%)

• – German Retail Sales (m/m) at 09:00 (GMT+3);
• – US Pending Home Sales (m/m) at 17:00 (GMT+3);
• – US Crude Oil Reserves (w/w) at 17:30 (GMT+3);
• – UK BoE Gov Andrew Bailey’s Speech at 18:45 (GMT+3);
• – US FOMC Chair Jerome Powell’s Speech at 18:45 (GMT+3);
• – Japan BoJ Gov Haruhiko Kuroda’s Speech at 18:45 (GMT+3);
• – Eurozone ECB President Lagarde’s Speech at 18:45 (GMT+3).

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, EURUSD is falling and approaching the low at 1.1664; if the price breaks it, the asset may continue moving downwards to reach the long-term 50.0% fibo at 1.1493. However, as long as the price is moving above the low, the pair may yet move upwards and extend the correction. The possible upside targets are 50.0% and 61.8% fibo at 1.1965 and 1.2035 respectively.

The H1 chart shows the start of a short-term correction after convergence on MACD; which has already reached 23.6% but may be followed by another decline to break the local support at 1.1683. if the price rebounds from the low, the correction may continue towards 38.2% and 50.0% fibo at 1.1769 and 1.1796 respectively.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after leaving the consolidation range to the upside, USDJPY has broken 76.0%; right now, it is approaching the high at 111.66, a breakout of which may lead to a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 112.78 and 113.47 respectively. The support is the local low at 108.72.

The H1 chart shows a steady rising impulse towards the high at 111.66. At the same time, there is divergence on MACD, which may indicate a possible pullback after the asset tests the high. In this case, the correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 111.06, 110.68, and 110.39 respectively.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading at 1.3706; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.3715 and then resume moving downwards to reach 1.3545. Another signal in favor of a further downtrend will be a rebound from the resistance level. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.3805. In this case, the pair may continue growing towards 1.3905. To confirm further decline, the asset must break the rising channel’s downside border and fix below 1.3655.

BRENT

Brent is trading at 80.33; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 79.45 and then resume moving upwards to reach 83.55. Another signal in favor of a further uptrend will be a rebound from the rising channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 72.55. In this case, the pair may continue falling towards 71.65.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2608; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.2650 and then resume moving downwards to reach 1.2445. Another signal in favor of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.2785. In this case, the pair may continue growing towards 1.2875.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.1724
• Prev Close: 1.1695
• % chg. over the last day: -0.25%

ECB member De Kos said yesterday that the ECB’s monetary support cuts should be made with caution. At the same time, ECB head Christine Lagarde indicates that there is reason to believe that the energy crisis in Europe will not lead to long-term inflation. Analysts believe the opposite.

Trading recommendations

• Support levels: 1.1690, 1.1620
• Resistance levels: 1.1728, 1.1772, 1.1802, 1.1835, 1.1894, 1.1934, 1.1969

From the technical point of view, the general trend of the EUR/USD currency pair is bullish, but for the last 3 trading sessions, the price has been trading near the priority change level. The MACD indicator shows a divergence. Under such market conditions, buy deals can be considered from the priority change level. It is best to look for sell trades from the resistance levels near the moving average or after the breakdown of priority change level.

Alternative scenario: if the price breaks down through the 1.1704 support level and fixes below, the mid-term uptrend will likely be broken.

News feed for 2021.09.28:

• – Eurozone ECB President Lagarde’s Speech at 15:00 (GMT+3);
• – US CB Consumer Confidence (m/m) at 17:00 (GMT+3);
• – US Fed Chair Jerome Powell’s Speech at 17:00 (GMT+3);
• – US FOMC Member Bowman’s Speech at 20:40 (GMT+3);
• – US FOMC Member Bostic’s Speech at 22:00 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.3658
• Prev Close: 1.3695
• % chg. over the last day: +0.27%

Bank of England Governor Andrew Bailey said yesterday that the pace of economic recovery has slowed in recent months. However, the high prices will be temporary, according to the BoA. And to suppress inflation, the Bank of England should not consider cutting QE but immediately adjust the interest rate.

Trading recommendations

• Support levels: 1.3685, 1.3629, 1.3614, 1.3525
• Resistance levels: 1.3769, 1.3812, 1.3886, 1.3935, 1.4002

On the hourly time frame, the GBP/USD trend is bearish, but the local trend is bullish again. The MACD indicator has become inactive. Buy trades should be considered only throughout the day and only with short targets from the support levels. Sell trades can be found at the resistance levels above the moving average line.

Alternative scenario: if the price breaks out through the 1.3812 resistance level and consolidates above, the bullish scenario will likely resume.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 110.64
• Prev Close: 111.00
• % chg. over the last day: +0.32%

Japanese Prime Minister Yoshihide Suga indicated that the state of emergency in Japan, associated with COVID, would be lifted on Thursday. This is good news for better economic indicators and business activity in the coming months.

Trading recommendations

• Support levels: 110.95, 110.65, 110.40, 109.95, 109.63, 109.27
• Resistance levels: 111.49

The main trend of the USD/JPY currency pair is bullish. Against the background of the Japanese Yen weakness, the USD/JPY quotes continue to grow. But it is obvious that the price cannot reach the upper border of the uptrend channel, while the MACD indicator begins to signal divergence. All these are signs of the buyer’s weakness. Under such market conditions, it’s better to look for buy positions from the support levels after a small pullback. The price has deviated strongly from the moving average, and now there is a high probability of decline. Sell positions should be considered only throughout the day from the resistance levels but only after the sellers’ initiative.

Alternative scenario: if the price falls below 109.63, the uptrend is likely to be broken.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2643
• Prev Close: 1.2627
• % chg. over the last day: -0.12%

The Canadian dollar is a commodity currency, so the USD/CAD currency pair is highly dependent on the dynamics of the dollar index and oil prices. Both the dollar index and oil prices increased yesterday. As a result, the USD/CAD quotes are trading flat, with a slight advantage of strengthening Canadian currency.

Trading recommendations

• Support levels: 1.2565, 1.2518, 1.2425
• Resistance levels: 1.2635, 1.2701, 1.2774, 1.2891

From the technical point of view, the trend has changed to bearish. The price fell below the moving average and broke through down the priority change level. The MACD indicator is negative, but there are signs of a reversal in the form of divergence. These are signs of the seller’s weakness. Under such market conditions, it is better to buy only after the price returns above the 1.2635 resistance level. It is better to look for sell trades from the resistance levels near the moving average.

Alternative scenario: if the price breaks out through the 1.2774 resistance level and fixes above, the uptrend will likely resume.

There is no news feed for today.

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

By Orbex

The XAUUSD formation suggests that the current intermediate correction wave (4), is a triple zigzag consisting of minor sub-waves W-X-Y-X-Z.

The second intervening wave X has ended, and the final minor wave Z looks almost complete. The internal structure looks to be a double zigzag of the minute degree. The completion requires the construction of the actionary wave ⓨ.

It is possible that wave ⓨ will take the form of a double combination, as shown in the chart, and will complete its pattern near 1636.55. At that level, minor waves Y and Z will be equal.

The alternative scenario suggests that the formation of the intermediate correction (4) has been fully completed.

To confirm this option, bullish market growth and the development of an intermediate wave (5) are relevant. Most likely, it will take the form of an impulse, which will consist of five minor sub-waves 1-2-3-4-5, as shown in the chart.

The price of gold could grow significantly above the level of 1917.03, shown by the minor intervening wave X.

Article by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com

By Orbex

EURUSD tests major support

The US dollar found support from better-than-expected durable goods orders.

The pair gave up all its gains from the rally in late August. This indicates an erosion in the bullish sentiment.

The euro’s latest rebound has been capped by 1.1750. Sellers are pushing towards the critical floor at 1.1665. And its breach would lead to the last line of defense at 1.1600 from November last year.

An oversold RSI may bring in some buying interest, though buyers will need to lift 1.1820 before they could hope for a bullish reversal.

EURJPY seeks support

The Japanese yen weakened after the BOJ warned of a recovery delay in its meeting minutes. The euro has capitalized on its rebound from the daily demand zone around 128.00.

A close above 129.65 may have tipped the balance to the upside. A break above 130.10 would pave the way to the key resistance of 130.70 on the daily chart.

However, a descending RSI from the overbought zone is in contrast with the price’s higher highs. There is a risk of a pullback as the momentum slows down. 129.40 is the immediate support.

SPX 500 struggles to rebound

The S&P 500 halted its advance as the Fed’s taper is closing in.

The V-shaped recovery has met selling interest at 4482, the origin of a recent sell-off. A diverging RSI suggests a loss of momentum in the rebound.

The long side may regain confidence in case of a bullish breakout and 4540 would be the next target. Failing that, a drop below 4425 would prompt buyers to bail out, leaving the index vulnerable to a sharp fall.

4340 would be the last support before a deeper correction drives the index to July’s lows near 4240.

Article by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com