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Intraday Market Analysis – USD continues to soften

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USDCAD struggles for support

The Canadian dollar consolidated after Canada’s GDP showed signs of slowing down in May. A series of lower lows and a fall below the daily support at 1.2840 further weighed on short-term sentiment. A bearish MA cross on the daily chart suggests possible acceleration to the downside. 1.2750 is the next support and its breach could trigger a deeper correction towards 1.2600. 1.2860 is the first resistance ahead after a short-lived bounce and the bulls will need to clear 1.2940 before a meaningful recovery could take shape.

EURJPY tests critical support

The Japanese yen bounces back as profit-taking turns into a short squeeze. A break below 137.00 has triggered a new round of sell-off, invalidating the July rebound in the process. 135.00 at the origin of the breakout rally in late May is a key level to see whether there are still enough buyers in the market. Otherwise, 133.00 could be next. The RSI’s oversold condition may cause a limited rebound as intraday sellers take profit. Strong pressure could be expected around the support-turned-resistance at 137.30.

US 30 tests major resistance

The Dow Jones 30 rallies over expectations of slowing inflation. The index has found support in the former supply zone around 31700, which indicates the bulls’ strong commitment in extending the current recovery. As the index claws back last month’s losses, June’s high at 33450 is a major ceiling and a bullish breakout could ease the downward pressure in the medium-term. As the RSI rises back into the overbought area, intraday buyers may start to take profit, causing a pullback. 32500 is a fresh support should this happen.

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