XAUUSD June 11, 2024 waiting for an opportunity to buy up?
This week we have important news: CPI news. Last week's Nofarm newsletter provided indicators that allow the Fed to continue maintaining monetary policy as rising employment data gives the Fed confidence that people can still withstand tightening monetary policy.
But with other recent data, the US economy is clearly being adversely affected by the Fed's monetary policy.
On Wednesday, CPI news will be released and will clearly show us the Fed's trend in the near future. When the forecasted indicators are very positive for the Fed's work to control inflation. If the news is announced as expected, it could be a signal for the Fed to loosen its monetary policy.
Looking at H4, we see the recovery after the sharp decline last week, signaling that wave 4 is forming.
- Looking at the corrective wave structure, we see that there have been 3 corrective waves a b c and the current position of wave c has also reached the target area that we predicted the day before.
- It is possible that wave C in the corrective structure or wave 4 as shown on the chart has now formed and we expect wave 5 to continue the downtrend.
- Looking at the momentum of the H4 frame, we see that the H4 momentum has reversed to decrease in the overbought area, this reinforces the upcoming decline.
- We measure the end target of wave 5 ending at 2 price target areas: area 2264 and area 2229.
In the immediate future, we can look for sell down orders
When the price continues to target wave 5, which is 2264 or 2229, we look for buy orders.
Deekop's analysis is free from any personal bias intended to serve everyone. I can't always be right - no one can. But my analyzes reflect Deekop's meticulous assessment of the market situation in the medium and long term and nothing more to help people have the best trading plan.
But with other recent data, the US economy is clearly being adversely affected by the Fed's monetary policy.
On Wednesday, CPI news will be released and will clearly show us the Fed's trend in the near future. When the forecasted indicators are very positive for the Fed's work to control inflation. If the news is announced as expected, it could be a signal for the Fed to loosen its monetary policy.
Looking at H4, we see the recovery after the sharp decline last week, signaling that wave 4 is forming.
- Looking at the corrective wave structure, we see that there have been 3 corrective waves a b c and the current position of wave c has also reached the target area that we predicted the day before.
- It is possible that wave C in the corrective structure or wave 4 as shown on the chart has now formed and we expect wave 5 to continue the downtrend.
- Looking at the momentum of the H4 frame, we see that the H4 momentum has reversed to decrease in the overbought area, this reinforces the upcoming decline.
- We measure the end target of wave 5 ending at 2 price target areas: area 2264 and area 2229.
In the immediate future, we can look for sell down orders
When the price continues to target wave 5, which is 2264 or 2229, we look for buy orders.
Deekop's analysis is free from any personal bias intended to serve everyone. I can't always be right - no one can. But my analyzes reflect Deekop's meticulous assessment of the market situation in the medium and long term and nothing more to help people have the best trading plan.
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