NZDUSD regains confidence
The Kiwi took a slight breather after moving over 100 pips higher as the bullish influence remains.
A rally towards the mid-0.5900 area has prompted sellers to trim their exposure.
After a brief consolidation, 0.5970 is the key level to overcome before the pair can break free of its corrective path.
An extension can open the door to 0.6050 at the previous high.
0.5900 is a critical support to prevent the pair from hitting fresh lows towards 0.5850.
EURGBP hits critical floor
The Euro pulls back to test a critical double top, leading to a fall below 0.8580.
The bearish pattern has continued to force some buyers to bail out.
A revisit of this month’s low below 0.8560 would show a lack of commitment from bulls.
As the RSI moves into the neutral zone, buyers will need to clear 0.8585 before regaining control.
Otherwise, a bearish continuation would extend losses towards 0.8535.
US 500 probes support
The S&P(US 500)moves towards another fresh low as the stock market continues to decline.
While a move towards 7800 would support a bullish trajectory, the latest downturn signals exhaustion.
A reversal continues as short-term buyers take profit.
As the RSI falls away from the overbought zone, this could indicate an opportunity for buyers to step in.
7640 is the next support, whilst 7500 is a critical floor should the sell-off continue.
Comments
Log in or sign up to join the conversation.