Will US30 continue its rally?
Fundamental Perspective:
US30 consolidated as markets assessed downbeat US NFP data, marked by sharp downward revisions for Apr and May, indicating a cooling labor market. Average hourly earnings rose by 0.3% in Jun, below the market forecast of 0.4%.
The modest wage increase and downward revisions in job figures could reinforce expectations of a Sep Fed rate cut, potentially supporting the US30 rally.
However, uncertainty surrounding the US elections may temper its upside as traders proceed cautiously.
Technical Perspective:
US30 continued consolidating between the 39000-40000 range as the index approached the ascending channel's lower bound and EMAs, which serve as dynamic support.
If US30 regains its bullish momentum with a break above 40000, the index might rise further towards the 127.2% Fibonacci extension at 41800.
Conversely, a bearish breakout of the channel and 39000 support could prompt a further decline towards the next support at 37200.
US30 consolidated as markets assessed downbeat US NFP data, marked by sharp downward revisions for Apr and May, indicating a cooling labor market. Average hourly earnings rose by 0.3% in Jun, below the market forecast of 0.4%.
The modest wage increase and downward revisions in job figures could reinforce expectations of a Sep Fed rate cut, potentially supporting the US30 rally.
However, uncertainty surrounding the US elections may temper its upside as traders proceed cautiously.
Technical Perspective:
US30 continued consolidating between the 39000-40000 range as the index approached the ascending channel's lower bound and EMAs, which serve as dynamic support.
If US30 regains its bullish momentum with a break above 40000, the index might rise further towards the 127.2% Fibonacci extension at 41800.
Conversely, a bearish breakout of the channel and 39000 support could prompt a further decline towards the next support at 37200.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.