(MENAFN- Daily Forex) The dow jones industrial average rose in its recent trading on the intraday levels, to interrupt a series of losses that lasted for three days in a row.
It achieved gains in its last sessions by 1.00%, going up by about 330.93 points, and settling at the end of trading at the level of 33,375.50. This happened after it declined in Thursday's trading by 1%. During the week, the index declined by -2.70%, after rising for two consecutive weeks.
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Looking at the Fed's speakers, the latest commentary lacked any hawkish tone, calming concerns after strong jobless claims data earlier in the week raised some concerns that the central bank will need to remain hawkish for longer than currently expected.
Comments from federal reserve Chair Christopher Waller and Bank of Philadelphia President Patrick Harker indicated 25 basis point increases in interest rates at the next Fed meeting, which is scheduled to take place in less than two weeks. This outcome is widely expected by the financial markets, with a 99% chance of a 25 basis point increases now.
Both Fed speakers also suggested that additional hikes may be necessary to get inflation under control, however, there were signs of abating as well. Waller added that the Fed's current policy is 'very close' too restrictive enough.
On the economic data front, existing home sales in the US fell 1.5% to a seasonally adjusted annual rate of 4.02 million in December, the National Association of Realtors said. It was the 11th consecutive monthly decline.Dow Jones Technical Analysis
Technically, the index's rise comes as an attempt to compensate for some of the previous losses, amid the continued negative pressure of its trading below the simple moving average for the previous 50-day period. It was under the influence of its breaking of the bullish corrective slope line in the short term, as shown in the attached chart for a period (daily).
In addition to that, we notice the continuity of negative signals in the relative strength indicators. Therefore, our expectations suggest that the index will return to decline during its upcoming trading, as long as the 34,281.36
resistance level remains intact, to target the important 32,582.00 support level.
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