AUDUSD tests critical support
The Australian dollar took another step lower as the greenback continued its dominance over the pair. Prices remain limited below 0.7000 as the current trend signals a bearish channel, which has seen the pair slip away from its previous peak. However, the RSI’s move away from the oversold zone could attract some buying interest. Bulls will need to break 0.7050 before they can turn short-term sentiment around. A drop below 0.6960 would extend the current trend towards 0.6900.
USDCHF gaining momentum
Following a bounce off 0.7850, the dollar looks for a move higher as the turnaround begins. The psychological level of 0.7900 is a key level to keep the momentum intact. A move above that key level would send the greenback to the daily resistance at 0.7940, paving the way for a fully-fledged bull rally in the medium-term. Failing that, a bearish breakout would trigger a retest of 0.7850, followed by a potential slide towards 0.7750.
The Dow Jones (US30) feeling the pressure
The Dow Jones (US30) remains in the spotlight with escalating tensions in the Middle East. Support found at 46400 suggested the tide is turning, and a move above the recent swing high at 46600 could test another fresh peak in the near term towards 48000. A falling trendline has been supporting the bearish rally in the past few weeks, and 46000 is an important level to keep the trajectory higher. Its breach could trigger a move past 46400 unless buyers enter the market.
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