Dow Jones 30 breaks triple top
The Dow Jones 30 rallied after the FOMC economic projections. A break in the recent resistance of 39300 suggests bulls are firmly in control. However, there is always the concern of a reversal, which would require 39600 for the first test. A convincing break below 39450 would prompt buyers to cover their positions and help sellers regain control of the direction. A close above 39750 would resume the bias to the upside rally.
EURUSD finds support
The US dollar pulled back as the Fed confirmed multiple rate cuts this year. Sentiment fell sharply across the board as weakness in the greenback saw the pair jump above 1.09. The base of the bullish breakout at 1.0830 saw a double bottom confirmation. As prices retrace, a breach would dent the short-term optimism and trigger a deeper retracement towards 1.0790. The RSI’s overbought condition attracted some buying interest, but bulls must reclaim 1.0940 before a higher high can materialise.
AUDUSD gains momentum
Like most US pairs, the Australian dollar rallied against the greenback due to the Fed’s recent signal. As price action exhausts, a drop below 0.6600 has put bulls on the defensive and proved 0.6630 on the 20-day SMA is challenging to crack. Sentiment remains cautious, and a bearish breakout would cause a retest of this month’s low at 0.6500, where the Aussie could be vulnerable to another sell-off.
![Credit Card 160×600 [EN]](https://assets.iorbex.com/blog/wp-content/uploads/2023/06/13144507/Blog-Banner_EN-Banner_160X600X2.webp)
