Intraday Analysis - Wednesday, July 1

EURUSD is gaining lost ground

The Euro continues to fight back as prices hit another peak. The pair has moved almost 100 pips in the past few sessions and is now hitting some resistance around the 1.1400 zone.

• The latest bounce has met some consolidation, and any sign of correction could move prices towards the base of the bull run at 1.1340.

• Its breach would invalidate the bullish momentum and cause a sell-off.

• A move past 1.1430 would resume the rally towards 1.1550.

AUDUSD bounces back

The Australian dollar hopes to continue the charge after a slight bounce has attracted some buying momentum. With the pair collapsing for the past few weeks, this could be the turnaround bulls were waiting for.

• The choppy waves have led to a firm consolidation, as the focus now shifts to the recent support at 0.6865.

• The RSI’s failure to reach the neutral zone could temporarily limit any further bullish fever.

• 0.6920 is the next target ahead, with 0.7000 a heavy resistance should prices move higher.

UK 100 seeking support

The UK 100(The FTSE)continues higher as buyers aim to push prices to further multi-week highs.

• The index has been hitting higher highs from the middle of June, as prices hit the first key resistance at 10600.

• A bullish continuation would flush out more selling interests and pave the way for an extension towards 10720.

• However, a drop below 10400 could trigger a new round of selling towards 10000.