EURUSD hovers above critical floor
The euro softens as the market expects the ECB’s hike to be moderate. The pair is struggling to hold above the double bottom (1.0370) which is a critical support on the daily chart. A bearish breakout would cause a liquidation below 1.0300. A bullish RSI divergence in this demand zone may attract some buying interests. A combination of profit-taking and buying-the-dips could lift the euro towards 1.0530. However, the bulls will need to clear 1.0610 at the origin of the recent sell-off before they could hope for a sustained recovery.
NZDUSD hits resistance
The New Zealand dollar falls back as safe-haven demand grows at the expense of commodities. Sentiment has remained fragile after the price tumbled below the daily support at 0.6220, invalidating May’s rebound in the process. The RSI’s double dip in the oversold area gave the kiwi some breathing room. However, the latest bounce has been checked by 0.6250 as the bears saw it as an opportunity to sell into strength. 0.6200 is a fresh support and its breach would resume the downtrend below 0.6140.
SPX 500 attempts to rebound
The S&P 500 consolidates as President Biden may announce an easing of Chinese tariffs to curb inflation. The latest rally has met stiff selling pressure on the 30-day moving average (3940). The pullback found bids around 3740 as the RSI bounced back into the neutral area. However, the rebound could be brief as the directional bias is still down in the medium-term. The bulls must lift 3940 to regain control. Otherwise, 3640 is their last line of defence and a breakout would send the index back into a bearish spiral.
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