Intraday analysis covering USDJPY falls lower, EURCAD price analysis, and US 30, highlighting recent price movements, key technical levels, and short-term momentum shifts across major markets.
USDJPY falls lower
The sell-off in the dollar market continued as the Yen fell towards the 159.00 level. Coming off the recent high above 159.65, the pair was looking to hold on as it lost some ground.
- 158.80 at the base of the previous rally is an important level to keep the directional bias upward
- A breach at the said level would dent optimism and force buyers to bail out.
- The RSI’s neutral condition could attract some bargain hunters.
- 159.65 is the first obstacle to overcome, with 160.40 the next high.
EURCAD testing daily resistance
The Canadian dollar pulled back on its losses against the Euro after hitting heavy resistance.
- A confirmation break above 1.6110 could trigger an extension above 1.6160, which is a major ceiling should bulls manage to make their way back.
- The new support of 1.6050 is a key level to prevent a deeper correction.
- A hold here could prevent prices from falling back down to the latest bounce below 1.6000.
US 30 continues choppy upturn
The Dow shrugged off the latest news from the White House and continued its path higher.
- A test at the recent high of 51000 has put bears under pressure.
- With layers of support below, this is likely to continue towards the next target of 51600.
- 50400 is the current support should a correction appear as the RSI ventures into the overbought area.
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