Intraday analysis covering AUDUSD, USDJPY, and GER 40 hitting a lower low, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments.
AUDUSD testing critical resistance
The Australian dollar remains elevated as the pair attempts to break above 0.7260. On the chart, the price is consolidating until the next signal, which might pause any short-term bearish revival as the bigger picture remains upbeat.
- 0.7250 is the level to see if bulls are ready to step in for a move towards 0.7300.
- Otherwise, the swing low of 0.7180 is a critical floor, with 0.7100 at the base of the rally the next target.
USDJPY creeping higher
The Yen remains unstable after price action moves higher again. After some upbeat movement in the greenback, which now tests the 144.00 level, more buyers could step in to keep the momentum going.
- The Yen needs to secure a solid footing below 157.00 to carry the price to the 155.50 area.
- As the RSI moves back to the neutral area, a break back above 158.00 is the first level to see if a continuation is on the horizon.
- 160.00 would be a critical top to see if bulls will remain in the market.
GER 40 hitting a lower low
The Dax continues lower as sentiment remains downbeat across the European markets. A move below 24500 indicated an acceleration to the downside.
- Following a brief consolidation, bulls are now looking to recover to the previous swing high above 25000.
- 24500 is the first hurdle to break before the price can continue higher.
- A continuation lower could see a break below 23700, and then 23400 will be in sight.
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