Forex Trading Library

Intraday Analysis – SPX 500 Going for Another Record

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SPX 500 on the comeback trail
The SPX 500 chart: SPX 500 targets a new high, driven by technology stocks, with potential resistance and support levels.

The SPX 500 pushes higher thanks to a push in technology stocks. The sentiment is still overwhelmingly upbeat as the index grinds high to hit another record. Another bullish breakout would trigger a new round of rally to 5350. However, a potential bearish RSI divergence indicates a loss of momentum and could cause a retracement with some profit-taking. A break below the closest support of 5200 would be a confirmation and lower prices towards 5000.

USDJPY finds support
USDJPY chart: USDJPY finds support and rebounds, targeting higher levels.

The Dollar clawed back losses after finding a firm double bottom at 154.50. The price is moving higher after clearing the central resistance area of 155.00. 156.60 over the 20-day SMA is now the next target for buying interests, as this would propel the greenback above the recent high of 157.80. A close below 154.80 is needed to trigger a reversal below 154.20 and would expose 153.50, the bulls’ second line of defence.

NZDUSD remains bullish
NZDUSD chart: NZDUSD remains bullish, with resistance ahead and support below.

The US dollar slipped after last week’s jobless claims came out higher than expected. On the chart, a push above the demand zone of 0.6150 keeps the bull rally going. However, a bullish breakout may not mean that the Kiwi would be out of the woods, yet sellers could be expected around the support-turned-resistance of 0.6200. The latest low of 0.6090 is an immediate support; its breach would cause a new round of sell-off.

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