Intraday analysis covering EURUSD begins correcting , NZDUSD , and US 30, highlighting recent price movements, key technical levels, and short-term momentum shifts across major markets.
EURUSD begins correcting
The dollar surged as traders reacted to the recent tensions in the Middle East. The move has led short-term buyers to liquidate their positions after a 150-pip decline.
- Prices are now testing 1.1500, which makes it a critical floor.
- A continuous bearish breakout would open the door to a move towards monthly lows towards 1.1440.
- The RSI’s oversold momentum could attract some buyers to move in and attempt to break back above 1.1560, with 1.1600 a potential top.
NZDUSD feels the pressure
The New Zealand dollar is another casualty of the recent sentiment shift, as prices fall towards the 0.5800 area.
- The pair is striving to hold on as the recent drop has led to a collapse, and 0.5750 is an important level to keep the kiwi’s edge.
- A close above 0.5880 will be an encouraging sign, and bulls will need to break 0.5940 before they could hope for a sustained extension.
- Another bearish move would expose the recent support at 0.5800, which is a critical floor in the near term.
US 30 regaining lost ground
The Dow Jones attempts to progress as the index licks its wounds from the recent tech sell-off.
- Price action looks for some relief after holding above the 50500 zone.
- 50200 is the current critical support where buyers will decide to step in.
- For now, 51000 could prove to be a tough level to crack after previous firm resistance.
- A breach of the said level could push the index to another fresh high towards 51600 as stocks await the next signal.
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