Intraday Analysis - Thursday, July 2

USDJPY sinks lower

USDJPY(The Yen) clawed back losses after prices fell away from its recent peak.

• Trading around 162.50, the pair is moving lower after hitting major resistance at 162.75.

• 162.00 is now the next target for further selling interest, as this would push the greenback into more negative territory.

• A close below the said target is needed to trigger this sell-off, with 161.40 in the eyeline for a reversal.

NZDUSD remains indecisive

The US dollar slips further against its competitors, and the Kiwi took further advantage.

• On the chart, a push above the demand zone of 0.5650 has opened the door to further buying.

• However, a bullish breakout might not mean that the Kiwi is out of the woods yet, as sellers could re-enter the market to force another test at 0.5630.

• 0.5710 is the next target higher, with 0.5800 waiting on the horizon.

SPX 500 on the comeback trail

The S&P inched higher towards another peak, driven by a push in technology stocks.

• Sentiment is still overwhelmingly upbeat as the index grinds higher towards another record.

• Another bullish breakout would trigger another rally above 7600.

• However, a bearish divergence on the RSI could indicate a loss of momentum and could cause a retracement with some profit-taking.

• A break below the closest support at 7360 would confirm a move lower towards 7120.