EURUSD bounces back

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The US dollar gave up some gains after the PCE showed a cooldown in May. The pair’s trajectory has turned corrective after it came into the supply zone of 1.1010 from the May sell-off. A fall below the recent swing low of 1.0850 shook out the weak hands then a subsequent bounce off 1.0835 next to the 30-day SMA might give the bulls a second chance. 1.0940 is the first level to crack and its breach would foreshadow a bullish continuation above 1.1010, confirming the bullish MA cross on the daily chart in the process.
 

USDCAD finds support

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The Canadian dollar slipped after the economy narrowly avoided a contraction in April. A bounce above 1.3220 has prompted sellers to cover and eased the downward pressure. 1.3290 from a previously brief rebound is the closest resistance should momentum carry on. Then the daily support-turned-resistance of 1.3350 which sits on the 30-day SMA is a critical ceiling to lift before the greenback could initiate a broader recovery. On the downside, 1.3200 is the first support for the bulls to consolidate their gains.
 

US 30 revisits recent peak

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The Dow Jones 30 soared after US inflation showed signs of slowing down. After a brief pause under 34000, a jump above this psychological level has helped the bulls regain control of the short-term direction. June’s peak of 34500 is a key resistance where the bulls may take some chips off the table. A bullish breakout could pave the way for an extension to a 14-month high of 35500. 34050 is the closest support as the RSI ventures into the overbought area, and buyers may see a limited pullback as an opportunity to stake in.

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