(MENAFN- Daily Forex)

• Amazon has spent most of the day going back and forth during the trading session on Tuesday, as we are sitting just below the crucial $230 level.
• This is not a huge surprise, because we have seen a little bit of a move to the upside that filled a significant gap from several weeks ago.

Still a Massive Holding

Keep in mind that Amazon is still a massive holding for most passive income strategies, so it does have a little bit of a“permanent bit” for the stock. On Friday, we saw the market really launch, perhaps in reaction to the speech at Jackson Hole by Jerome Powell where he finally admitted that the Federal Reserve is open to the idea of cutting interest rates, which is the first time he's actually suggested that might be possible. Because of this, it had people taking a lot of risk in their portfolio, and one of the first places that one would expect economic activity would of course be Amazon.

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The technical analysis for this pair is bullish over the longer term, but as of late, we have seen a little bit of hesitation, but this makes a certain amount of sense considering that we do not have the same type of participation that we will in normal parts of the year. At this juncture, it's worth noting that a lot of traders on Wall Street are actually on vacation, and therefore it makes sense that markets might be a bit quiet. However, as we head into September, there will be more volume and of course people will start paying close attention to the Federal Reserve and the statement after the September meeting. While traders expected interest rate cut, the reality is that tone of the statement will have a major influence on where we go next.

If we were to pull back from here, I see a lot of support at the 50 Day EMA, as well as the $215 level. After that, then we have the crucial 200 Day EMA that comes into the picture near the $209 level. As long as we can stay above all of that, Amazon is still in an uptrend.

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