The Dax 40 pushing for another high
The Dax 40 found more momentum as inflation figures are expected to improve across the Eurozone. On the chart, the trajectory remains elevated, and the latest push in a shorter time frame looks for further fresh highs. An early bearish divergence looks to scupper any further upside, with 17700 as the latest resistance. A break here would confirm a bullish continuation. However, any signs of a sell off first need a 17400 test, with 16850 on the radar.
EURUSD begins the turn around
The US dollar surged back into life against the Euro as the pair tested the 1.08 handle. On the chart, the 50-pip drop has seen a recovery to the downside emerge, where a bearish breakout would cause a deeper correction. Solid selling pressure in the demand zone has decreased the price and left 1.0830 as a fresh resistance. 1.0760 is the next target to the downside, but bulls must move above 1.0850 on the 20-day SMA to turn the situation around.
NZDUSD sees limited rebound
The New Zealand dollar continues to struggle after the Reserve Bank of New Zealand held its official rate at 5.5%. A break below the psychological level of 0.6100 on the daily chart confirms the bearish MA cross and signals more room on the downside in the near term. The RSI’s oversold condition could attract buying interest, but bears are likely to push further as sentiment sinks along with the prices. 0.6040 would be the next target if the downward spiral continues.
