Pound(GBPUSD) fighting resistance
The pound(GBPUSD) remains buoyant as a break above the 1.2700 level has seen the pair reach multi-month highs. The pair staged a bounce away from the psychological level of 1.2500 as the recovery theme remains intact from a short-term perspective. However, the recent price action could be choppy as the cable strives to gain a secure footing towards 1.2800. 1.2760 at the tip of a previously faded rebound is a key hurdle. As the RSI ventures into the overbought region, 1.2650 becomes firm support.
NZDUSD bounces off double bottom
The New Zealand dollar hits another sharp support as sentiment continues to wane. The pair is looking to prevent another move lower after staging a recovery back to 0.5640. The recent swing low of around 0.5590 is a significant demand zone to keep the bullish bias valid. A bounce off the oversold zone on the RSI is an encouraging sign that a recovery could continue. Strong offers near 0.5630 see a possible upturn in fortunes for the Kiwi, as a break at the previous triple top would open the door to 0.5700 and 0.5780.
SPX 500 tariffs hit price action
The S&P 500 remains in the spotlight after it posted its most significant loss since December, as Trump insists tariffs will proceed. On the chart, the rally has gained traction after a break below 6000. The mood remains pressured in the short-term after the Dow Jones also witnessed a broad sell-off, causing traders to fear the same for the S&P. 5800 will be a key support followed by 5720 should the downturn progress.