Dow Jones(US 30) tests critical resistance
Dow Jones(US 30) is looking for the next move after the recent sell-off in the stock market cooled. On the chart, the index is struggling to hold on to its gains from the few sessions as a brief consolidation forms. A break back below 41500 would cause a retest of the lower band of the current consolidation at 40800. A break below this major floor would force investors to look at their positions, possibly triggering a broader sell-off. 42000 is the immediate resistance should buyers start to re-enter the market.
GBPUSD continues to climb
The pound remained in a bullish rally as price action broke through a recent consolidation zone. On the chart, the pair is still pushing for bids towards November’s high of 1.3050. The latest bounce came to a halt around 1.3000 as traders await the next signal. On the flip side, a drop below the psychological level of 1.2900 could show that the bull run has been short-lived. A break lower at 1.2840 would confirm this, as 1.3030 becomes the closest resistance.
EURJPY bounces back
The Euro continues its climb as economists react to the Bank of Japan’s interest rate decision. The pair previously met stiff selling pressure at 162.00. But that did not deter bulls as bids emerged to push the price towards the 163.50 level. This suggests that overall sentiment is still upbeat in the near term. However, with an overbought RSI, sentiment could swing, with 163.00 being a fresh support. A close above 163.80 could trigger another runaway rally.