Dow stock jumps higher
As the dow stock continues the bullish run, traders are awaiting some correction as both the Nasdaq and S&P500 fall lower. With the RSI hitting a recent bearish divergence, it looks like the time could be now. After bouncing away from the 44000 level, 44800 is now in view. Any thought of an extended rally needs a recovery of over 45000. On the downside, 44250 has become the new support.
XAUUSD hitting higher highs
Gold pulled lower after hitting a firm rejection as traders weighed up another test for a record high. With the Fed expected to hold rates in today’s meeting, the sell-off might continue. Further downward momentum eyes the psychological 2700 level. Any chance of a push higher needs a 2760 break to test the recent peak. However, the precious metal might take a breather, and 2730 could be a key support for more consolidation.
EURGBP continues to slide
There have been a few weeks of mixed data for the EURGBP pair as the start of the year saw a potential push towards 0.9000. With GDP growth expectations falling short, we’ve seen the pound stage a fightback. With the 0.8400 level in focus, bears will look for 0.8360 and 0.8280 before testing further multi-month lows. On the flip side, a break at the recent swing high of 0.8460 is the first target for buyers.