The FTSE(UK100) bearish reversal underway
The FTSE(UK100) treads water ahead of major central bank decisions. The RSI’s double bottom in the oversold zone is a sign of overextension and could create a bullish divergence, which could move prices higher. As the index remains subdued, the 8600 area looks like the first support hurdle if prices look to reverse towards 8440 at the previous bottom. 8800 is the key target in case of a turnaround in fortunes and brings price action higher in the near term.
USDCAD fails at recovery
The Canadian dollar continues to recoup losses after spiking towards 1.4800 earlier this month. On the chart, the pair is recovering to the downside as prices collapsed to the 1.4200 area. A break below 1.4150 could continue the bear rally as 1.4080 becomes critical support as the RSI hovers over the oversold territory. A move above 1.4260 is needed to break the recent consolidation and send the pair higher.
NZDUSD jumps higher
The New Zealand dollar broke higher as prices began to fight back. The pair has been grinding at the recent level of 0.5700 without success, and a break below 0.5670 could prompt bulls to look for an exit. As the kiwi strives to maintain momentum, 0.5760 is a key level at which to expect follow-up interest. 0.5800 is the first barrier to lift before the uptrend could resume. Otherwise, the gate would be open for a drop below 0.5700 and then 0.5640.