US30 breaks triple top
Stocks and Indices have been the most significant casualties in recent sessions, as the US30 looks to bounce back from its multi-month low. A break past the recent resistance of 38500 could suggest bulls are firmly in control. However, there is always the concern of a reversal, which would first require 37,000 for the first test. A convincing break below 36750 would prompt buyers to cover their positions and help sellers regain control of the direction. A close above 39500 would resume the bias to the upside rally.
EURUSD finds support
The Euro recouped some losses as prices bounced away from the 1.0900 zone. Sentiment remains mixed as the recent trade tariffs are still felt across the board. The base of the bullish breakout at 1.0900 saw a double-bottom confirmation. As prices retrace, a breach would dent the short-term optimism and trigger a deeper retracement towards 1.0750. Bulls will need to reclaim 1.1000 before a higher high can materialise.
AUDUSD gains momentum
Like most US pairs, the Australian dollar lifted against the greenback. As the upshift in price action exhausts, a failure to test 0.6100 has put bulls on the defensive and proved 0.6070 to be a challenging level to crack. Sentiment remains cautious and a bearish breakout would cause a retest of this month’s low at 0.5950, where the Aussie could be vulnerable to another sell-off.