Intraday analysis covering AUDUSD remains stable, NZDUSD, and UK 100, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments.
AUDUSD remains stable
The Australian dollar continues its choppy consolidation after bouncing at the 0.7100 area.
- A break above 0.7200 will give bulls a fighting chance move back to the previous swing high above 0.7260.
- On the downside, 0.7120 is the immediate support at the bottom of the current sideways channel.
- A broader sell-off can be prevented if the said support level holds firm.
NZDUSD rebounds lower
Similar to the Aussie, the New Zealand dollar looks to break free of the recent sideways channel that has forced the pair to give up recent gains.
- On the chart, the pair has fallen away from the recent peak at 0.5880.
- A drop below 0.5820 could trigger a new round of sell-off as the RSI remains indecisive.
- A close above 0.5880 would be an encouraging sign, which could prompt sellers to cover, with 0.5970 as the next test.
UK 100 maintains momentum
The FTSE 100 keeps the bull run going as price action hits another fresh peak. The bounce off this month’s low showed solid interest in keeping the bullish bias intact, to convincingly break through the 10000 barrier with ease.
- As we head towards the 10600 level, traders remain uncertain over the next direction.
- On the flip side, a decisive break below 10400 might signal that a correction is on the way and prompt some short-term buyers to bail out.
- 10250 is a critical bottom if a complete turnaround ensues.
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