US 30(dow jones) feels the squeeze
The US 30(dow jones) failed to gain any momentum as prices were stuck in consolidation. The price recently stalled around 44500, right under the previous swing high. A combination of profit-taking and fresh selling could drive the market lower for the time being. Bulls are expected to buy the dip should there be a further sell-off towards 44000. 44750 is the first level to gauge the strength of follow-up interest, and 45000 is the second target.
USDJPY collapses further
The Japanese yen was unable to find support as inflation pressures mounted. On the chart, the recent low below 150.00 hints at a further breakdown, with December’s low of 148.65 being on the horizon. Intraday-wise, the pair is trying to hold on to its recent support at 149.90, and a close above 150.55 would first send the greenback towards the consolidation point at 151.20 as the RSI ventures into deep oversold territory. On the downside, a breakout could trigger a bearish continuation.
XAGUSD attempts recovery
Silver awaits a full recovery from the recent bounce at 32.00 as traders digest the Fed’s policy meeting. The precious metal is still grinding the support-turned-resistance of 33.10. Last week’s recovery saw a bullish rally, which suggests possible rejection levels if price action reaches the mid $33 area. On the downside, 32.50 is the immediate support, and its breach could cause a run to the following round number back towards 32.00.
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