EURAUD stuck in consolidation
The Euro continued to fight back against the Aussie to prevent a further downturn, a story that has held for most of this month. A close above 1.6250 put the bears on the defensive as a move towards 1.6350 would suggest more upward pressure past 1.6400. As traders await the next bounce, an overbought RSI could signal an imminent reversal and trigger a sell-off towards 1.6150.
USDJPY spikes higher
The Japanese Yen remains pressured as a rising dollar tested the 160.00 level. A subsequent break past this psychological level would indicate strong buyer commitment. However, with a bearish divergence emerging on the RSI, a bounce lower would attract momentum sellers looking to cash in on the dip. A break below 158.70 would attract more bears and send the pair to the previous swing low at 158.00
US 30 falls lower
The Dow Jones index dropped over 1,000 points as traders digest the latest comments from the Fed. On the chart, the index is looking for some retracement as price action finds some support. A break at 46600 could look for some recovery in the medium term. The general sentiment remains bearish, as inflation is expected to rise. The bounce around 46000 has kept bulls in check, but its breach would force bears to open the door to an extended rally to 45000.
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