Forex Trading Library

Intraday Analysis – SPX 500 Pushes for Another Record!

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SPX 500 holds on to gains

The SPX 500: Holding gains, potential pullback if below 5150 support, bearish RSI divergence.

The SPX 500 saw another record close as the new quarter began. With bulls remaining bullish, sentiment follows as another run towards 5300 is in sight. The slow, choppy grind to the upside could have some pullback if prices dip below 5150. The long-term bearish divergence on the RSI could bolster this theory, although a close above 5280 would negate this.

USDJPY stuck sideways
USDJPY: Sideways with bearish divergence, near 150.50 support

The US dollar saw limited upside after Fed testimonies failed to give a straightforward approach to the next monetary policy stage. The price action is at a crossroads, with a bearish divergence suggesting a move to the downside on the one hand and a tentative bounce off the daily low of 151.00 on the other. 150.50 is the immediate support on the hourly chart, and 151.80 is the first hurdle the bulls will need to lift.

EURGBP remains choppy
EURGBP: Choppy above 0.8520 support, oversold RSI.

The euro fell from its recent peak as overall sentiment remains cautious. The pair hovers above the double bottom from March lows at 0.8520. The RSI’s oversold situation attracted some bargain hunters, but bulls must push past 0.8580 before hoping for a broader recovery above the recent spike at 0.8600. Otherwise, the path of least resistance could see buyers heading for the exit as 0.8470 and 0.8400 open up.

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