Intraday analysis covering USDCAD pushing higher, EURGBP, and US 30, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments.
USDCAD pushing higher
The greenback remains bullish against its neighbour after hitting another higher high. The pair broke the psychological 1.3700 level before settling lower, as it looks to pursue its bull rally.
- The former support at 1.3660 is the first hurdle to reach to see if sellers will turn things around.
- Bulls will need to clear 1.3700 before they can hope for a continuation higher.
- 1.3600 is a critical bottom if a freefall occurs.
EURGBP finding support
The euro found a recent double bottom, which paused the pair’s collapse. On the chart, prices are now consolidating, indicating strong enough interest to keep the bulls intact in the short term.
- Intraday action could be choppy after the bulls hit a wall at 0.8670.
- 0.8650 is the first support, with 0.8630 at the base of the current bounce as a second line of defence.
- A close above 0.8670 could attract momentum buyers at the last swing high and send the pair to this month’s high towards 0.8700.
US 30 remains bullish
The Dow continued its revival after another 200-point push, as prices broke yet another critical resistance level.
- Bulls have flushed out the remaining selling interests as price action aims for the 50000 area.
- However, the current double top could trigger a slight price pullback, with 49300 becoming a firm target.
- 49000 is a firm psychological level if the index drops lower.
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