The path of least resistance remains to the upside given the expansionary fiscal policies and impending rate cuts. A hawkish repricing in interest rates expectations could lead to a short-term pullback, but given that the Fed's reaction function remains to either wait more or cut, the market should continue to climb.
On the 1 hour chart, we can see that the bullish momentum is waning around the key resistance at the $107,000 ish level. The buyers will need a break above the resistance to increase the bullish bets into the $109,000 level next where we have the upper bound of the flag. The sellers, on the other hand, will likely step in around these levels with a defined risk above the resistance to position for a drop back into the lower bound of the flag around the $100,000 level.
We have a minor upward trendline defining the bullish momentum for now and a break to the downside would give the sellers more conviction to pile in for a drop. The dip-buyers though, will still have a minor support around the swing low at $104,750.
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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