Intraday analysis covering USDJPY, USDCAD, and GER 40 peaks lower, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments.
USDJPY continues bull run
The Dollar edges higher after a bullish continuation saw over 300 pips added to the value of the pair. Prices have seen stiff buying for the past few weeks, following the downturn at the beginning of the month.
- A fall below the immediate support at 158.00 might signal to short-term bulls that it is time to drive the quote lower.
- 155.50 is a new daily support which coincides with the base of the recent bullish momentum, making it an important floor.
USDCAD ranging higher
Similar to the Yen pair, the US Dollar is driving higher against its peers as the pair remains bullish.
- Buyers look to keep the rally going with 1.3800 on the horizon.
- A break below 1.3700 could pave the way for a potential extension towards 1.3660.
- The RSI’s overbought stance remains clear, as traders await the first sign of a pullback.
GER 40 peaks lower
The Dax continues to grind lower amid pressure on European markets.
- A close below 24000 would shift sentiment further and could now expose the critical floor at 23400.
- On the upside, 24500 at the previous swing high is a major level to test the resolve.
- The RSI remains oversold, and traders will expect a turnaround at some point.
- If prices can hold at 23700, a bullish rally could ensue.
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