The Kiwi(NZD) drives higher
The Kiwi(NZD) was in consolidation mode after a break above 0.5600, which confirmed a bullish rally. The previous sell-off revealed a lack of momentum as the price gapped and fell lower towards 0.5500. Now that buyers have maintained control, a breach at 0.5700 could pave the way for a bullish continuation towards 0.5760. 0.5680 is an area of congestion, and its break would shake some sellers out. On the flip side, 0.5620 has become the new support.
USDCAD 100% retracement
The greenback continues to lose ground to a resurgent Canadian dollar. The pair has moved over 400 pips since the pair rallied towards the 1.4800 zone. A break at the 1.4500 level led to another rally, with 1.4300 becoming the new support. A brief bounce and a close above the immediate hurdle at 1.4350 would attract more intraday interest and carry the price towards the previous peak at 1.4500. However, further stiff selling could be expected if sellers remain in the market, and a correction could run deeper.
UK 100 hits another peak
The FTSE pushed higher after the latest interest rate decision from the Bank of England. On the chart, the index has remained bullish after breaking the previous resistance at 8600, which has now become the first support. Bulls will see if they can sustain their bids at these fresh levels to test 8000. However, with the RSI in overbought territory, a slight fall in price action could ensue. A continuation lower could trigger broader profit-taking and possibly mean a decline towards 8550 at the previous bottom.