The Kiwi (NZDUSD) drops at double top
Much like the Aussie, the Kiwi (NZDUSD)i has seen gains confirmed with 60 pip move higher. A close above the recent consolidation zone, around 0.5740, has forced sellers to cover their positions, turning the short-term mood around. A temporary retracement could allow bulls to compose themselves, and a break past 0.5800 would see the pair attempt a double top. On the downside, 0.5700 is the next support as the price hangs on.
AUDUSD spikes higher
The Australian dollar has moved away from its recent bottom as the fallout from Trump’s tariffs continues to weigh heavily on the greenback. A close above the psychological level of 0.6300 has created a slight bearish divergence on the RSI, which could see a slow done in the rally. 0.6640 is the next target for buyers, with a move to 0.6400 in sight. A bearish reversal could extend towards the recent bottom at 0.6240 if bears re-enter the market.
US 30 looking for direction
The Dow clawed back some losses as traders cautiously await the next move in the ongoing tariff war. As the sideways consolidation continues, another sell-off will awaken the bears. A drop back down to 41000 is next but needs a 41450 break first. Failing that, the current trend could be ignored with a break above 42800, leading to more fresh highs in the medium term.
