Intraday analysis covering USDCAD, EURGBP, and US 30 continues uptrend, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments.
USDCAD hits multi-week highs
The pair gained further momentum as the recent strength in the dollar continued to dominate across the board.
- A solid break above 138.00 injected more life into bulls, with support becoming the 1.3760 area.
- 138.40 is a major resistance, and its breach would take out the remaining sellers and signal a bullish continuation.
- As the RSI flirts with the overbought area once again, 1,3730 is a critical floor to prevent a turnaround.
EURGBP sinking lower
The pound continues its recovery against the euro after the pair dropped by more than 100 pips in recent sessions. After hitting a monthly high, a heavy rejection above 0.8700 caused a broad sell-off.
- The confirmation came in as the pair broke the 0.8680 level, denting the upward bias and exposing the lower end of the 0.8600 area.
- With the RSI heading to the oversold region, 0.8610 is the first support in case of a freefall.
US 30 continues uptrend
The Dow remains bullish with tech-heavy stocks rejoicing as the market continues higher.
- The index has found solid buying interest, and a quick bounce above 50500 has forced short-term sellers to cover.
- A close above the recent top at 50800 would clear the path for a sustained extension.
- The RSI’s recent top in the overbought zone could trigger a limited retreat, with 50400 as the first target.
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