Dow Jones is cautiously awaiting US jobs data 6/10/2023

The downward trend is still the most influential on the movements of the Dow Jones Industrial Average on Wall Street, recording its lowest level during the previous trading session at 33,128.

On the technical side today, we are leaning towards negativity in our trading, but with caution, relying on the continued negative pressure coming from the simple moving averages, which is stimulated by negative signals from the Relative Strength Index over short time intervals, with the index price remaining below 33,410.

Therefore, the possibility of continuing the decline is still valid and effective, targeting 33,160 as the first target, knowing that breaking it increases and accelerates the strength of the downward trend, so we are waiting for 33,030.

The price’s consolidation again above 33,440 with the closing of the hour candle can thwart the bearish scenario and the upward trend returns to controlling the index’s movements with a target of 33,510 and 33,570, and the gains may extend towards 33,640.

Note: Today, we are awaiting high-impact economic data issued by the American economy, “US jobs data (NFP), average wages and unemployment rates, and we may witness high price fluctuation when the news is released.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 33155	R1: 33395
S2: 33025	R2: 33500
S3: 32920	R3: 33640