( SPX 500 ) S&P looking for a lifeline
The ( SPX 500 ) S&P looks for a lift after cementing its third weekly loss. On the chart, the bearish rally has come to a halt after the index found support at 6630. Sentiment remains pressured in the short-term, even though price action moved higher by 100 points. With global tensions intensifying by the day, 6630 will be a key support level, followed by 6500 should the downturn deepen into a correction.
GBPUSD pushing higher
The pound moved out of its bearish channel after breaking past the 1.3300 level. The pair hopes to stage a continuation as the recovery remains progressive for now. Though the recent price action could be choppy as cable seeks a secure footing. 1.3350 is a key hurdle, as the RSI ventures towards the overbought region, with 1.3460 the target ahead if sentiment can turn around. Otherwise, a fallback towards 1.3220 would be critical support.
NZDUSD hitting resistance
Another currency moving higher is the New Zealand dollar as prices hit a double top. The pair was looking to prevent another move lower after hitting the 0.5860 level. A bounce off the oversold zone on the RSI is an encouraging sign that a recovery can materialise. A break at the previous top would open the door to 0.5950. On the flip side, 0.5800 becomes a vital floor to maintain the bullish run.