The Dow (US 30) drops more points
The Dow (US 30) fell lower as the index fell further into a bear trap. The index is on its way to 43000 after a nine-day losing streak. Stiff resistance could be expected around 42700 due to profit-taking and further selling. 43250 has become the immediate support, and in case of a pullback, the former resistance at 44000 is the target to the upside to reclaim some past glory for The Dow (US 30).
USDCAD hits another peak
The Canadian dollar fell further against its neighbour as the pair hit a fresh high. The price drifted higher after moving above 1.4300 as multi-month levels meant that the RSI also moved into the overbought zone. A bearish divergence could trigger a correction if 1.4350 fails to gather the bulls’ support. 1.4270 is the immediate support, and a break below 1.4220 might turn short-term sentiment around.
EURGBP probes support
The pound edged higher as it looked to shake out the sellers who had pressured the pair for over a month. On the chart, the pair is slowly reclaiming its lost ground from the sell-off, and choppy waters could be expected ahead as the euro came avoided a move below the recent bottom at 0.8230. In the near term, a slip below 0.8270 has sent the RSI near the oversold area, but the sentiment would remain optimistic as long as the price is above 0.8300. 0.8330 is the latest hurdle to clear before buyers can push back.
