Forex Trading Library

Intraday Analysis 09.07.2024

S&P Breaks Another Record

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NZDUSD( The Kiwi) breaks higher
NZDUSD Chart: The Kiwi rising above previous highs with key resistance and support levels.

The US dollar fell on the back foot after the Kiwi rallied further. A move above the previous swing high of 0.6120 has prompted some sellers to trim their exposure, easing the pressure on the Kiwi. 0.6200 is the key obstacle to lift before the pair could break free of its corrective path, potentially opening the door to 0.6350. Instead, stiff selling could push the pair below the resistance-turned-support of 0.6080, denting the previous momentum. 0.6100 is critical support to keep the week-long rebound valid.

EURGBP tests critical floor
EURGBP Chart: EURGBP testing critical support amid recent sell-offs and rebounds.

The Euro was licking its wounds after the recent French elections left the bloc in disarray. The sell-off continued after a break below 0.8470 forced buyers to bail out. A revisit of June’s low of 0.8430 is a sign of weakness and shows a lack of commitment to keep the price afloat. While some bargain hunting triggered a bounce after the RSI ventured into the oversold area, bulls need to clear 0.8500 and 0.8590 before they can regain control. Otherwise, a bearish breakout would extend losses towards 0.8350.

US 500 keeps on giving
S&P 500 Chart: S&P 500 hitting new records with significant support and resistance levels.

The S&P 500 pushes even higher as stocks continue to rise. A close above 5520 supported the bullish trajectory, as there seemed no signs of exhaustion. A retracement could begin if short-term buyers took profit. As the RSI dips into the over-bought zone, the fallback could be seen as an opportunity as the medium-term rally players step in. 5400 is a necessary support should sellers step in otherwise, the projection of 5900 could be on the horizon very soon.

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