The PCE report for March was slightly higher than market expectations. This data fell into the camp of the US monetary policy hawks, who hope to see the Fed postpone the rate cut. However, the financial market's expectations for the Fed to cut interest rates before September have not changed. The PCE data was released yesterday on September 30, causing the price of the currency to jump up and down! Overall, the market's bullish data support has faded again!
Daily level: From a technical point of view, the short position of the currency price has an overall technical advantage in the near term. The moving average is tilted downward, and the Bollinger Bands also have a certain downward turn, and the RSI is around 30! Neutral and weak! Although the short position has not seen a large increase in volume, the center of gravity has moved downward since April 24. If there is no decent rebound, the bulls are prone to a negative market trend!
On the upside: Initial resistance is around the 5-day moving average of 64266! Further resistance is around the 30-day moving average of 66488!
On the downside: Initial support is around the lower track of the Bollinger Bands at 59800! Further support is around 56201 on February 28 (special news is needed to stimulate it, and the possibility of reaching it is relatively low due to the relatively light market on weekends)
