Our intraday forex analysis covers EURUSD, NZDUSD, and US 30, focusing on key support and resistance levels and potential market direction.
EURUSD sliding lower
The Euro retreated as the Dollar gained traction across the board. A break below the first support at 1.1700, as the market gapped lower, eased the upward bias, as bears pushed prices towards the mid-1.1600 zone, opening the door to an extension of a full correction.
- 1600 is a fresh resistance, should the pair begin to consolidate.
- 1740 is the next key target in keeping a move higher valid towards 1.1800.
- Otherwise, a sharp reversal could be triggered.
NZDUSD tests support
The New Zealand dollar softened after today’s market open gap. On the chart, the kiwi came under pressure as prices tested the 0.5800 level, which could trigger further weakness.
- On the hourly time frame, 0.5700 at the base of the latest bounce is an important support to measure the strength of buying interest.
- With the RSI still elevated, this could indicate that prices have found a bottom.
- 5840 would be the next stop on the way up, with 0.5875 seen as a fresh resistance.
US 30 (Dow Jones Futures) attempts to bounce back
US 30 (Dow Jones Futures) looks set to remain stable as prices hold at 47500. After the recent stock sell-off, a bounce off recent lows prompted short-term buyers to enter the market. However, as the RSI sticks to the neutral area, bulls will be wondering how much more momentum can be created.
- 48000 is a key hurdle to clear before buyers can hope for a sustained recovery towards the recent peak.
- On the downside, a break below 46500 could trigger a steeper correction.
